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

A. True

B. False

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  1. The balance in the Cash Book represents net income.
  2. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  3. A part of the profit distributed to the shareholders is known as
  4. Sale of Office Furniture should be credited to Sales Account.
  5. An expenditure intended to benefit the current period is revenue expenditure.
  6. Transfer to General Reserve is a charge against
  7. An expense incurred to keep the machine in working condition is a capital expenditure.
  8. According to the Concept of Conservatism, an accountant should
  9. The aggregate of direct material, direct labour and direct expenses is known as
  10. All events are transactions but all transactions are not events.
  11. The short description of a transaction written at the end of a journal entry is known as _______________.
  12. The account which can never have a credit balance is
  13. All indirect expenses are charged against
  14. HUF stands for
  15. Capital of the business is an example of external liability.
  16. Which of the following events is not a transaction?
  17. Business ventures, which are started for a predefined period, are known as _____________ventures
  18. Wages and Salaries is a charge against
  19. Which of the following equation(s) is(are) true
  20. The basic unit of measurement of the accounting system is ______________.
  21. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  22. Providing depreciation ensures sufficient cash for asset replacement.
  23. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  24. Depreciation cannot be provided in case of loss, in a financial year.
  25. Cash payments are recorded on the _______________ of the Cash Book.
  26. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  27. E. & O.E.
  28. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  29. Fixed Assets are stated in the balance sheet at their market value.
  30. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…