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

A. True

B. False

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  1. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  2. Accrual concept implies accounting on cash basis.
  3. Trial Balance is prepared after the preparation of Profit and Loss Account.
  4. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  5. Depreciation cannot be provided in case of loss, in a financial year.
  6. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  7. An expense incurred to keep the machine in working condition is a capital expenditure.
  8. All indirect expenses are charged against
  9. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  10. WIP stands for
  11. HUF stands for
  12. According to the Concept of Conservatism, an accountant should
  13. Wages and Salaries is a charge against
  14. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  15. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  16. Which of the following equation(s) is(are) true
  17. The first step of accountancy is
  18. Any type of error affects the agreement of Trial Balance.
  19. Fixed Assets are stated in the balance sheet at their market value.
  20. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  21. The short description of a transaction written at the end of a journal entry is known as _______________.
  22. The balance in the Cash Book represents net income.
  23. An expenditure intended to benefit the current period is revenue expenditure.
  24. All credit sales are recorded in
  25. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  26. Choose the odd one out
  27. A part of the profit distributed to the shareholders is known as
  28. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  29. The basic unit of measurement of the accounting system is ______________.
  30. Contingent liability is an ascertained liability but its amount and due date are indeterminate.