Contingent liability is an ascertained liability but its amount and due date are indeterminate.

A. True

B. False

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  1. Copyright is an example of
  2. Capital of the business is an example of external liability.
  3. Business ventures, which are started for a predefined period, are known as _____________ventures
  4. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  5. Transfer to General Reserve is a charge against
  6. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  7. The short description of a transaction written at the end of a journal entry is known as _______________.
  8. The life span of a company is dependent on the life span of the
  9. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  10. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  11. WIP stands for
  12. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  13. Wages and Salaries is a charge against
  14. The balance in the Cash Book represents net income.
  15. Providing depreciation ensures sufficient cash for asset replacement.
  16. HUF stands for
  17. Depreciation cannot be provided in case of loss, in a financial year.
  18. Which of the following equation(s) is(are) true
  19. E. & O.E.
  20. All indirect expenses are charged against
  21. An expense incurred to keep the machine in working condition is a capital expenditure.
  22. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  23. A part of the profit distributed to the shareholders is known as
  24. Any type of error affects the agreement of Trial Balance.
  25. Accrual concept implies accounting on cash basis.
  26. Which of the following events is not a transaction?
  27. Cash payments are recorded on the _______________ of the Cash Book.
  28. Depreciation is not charged on _______________.
  29. WDV stands for
  30. The account which can never have a credit balance is