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Depreciation cannot be provided in case of loss, in a financial year.

A. True

B. False

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  1. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  2. Net Realisable Value of an asset means
  3. WDV stands for
  4. Copyright is an example of
  5. Choose the odd one out
  6. Fixed Assets are stated in the balance sheet at their market value.
  7. Depreciation is not charged on _______________.
  8. Which of the following equation(s) is(are) true
  9. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  10. WIP stands for
  11. Capital of the business is an example of external liability.
  12. An expense incurred to keep the machine in working condition is a capital expenditure.
  13. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  14. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  15. The short description of a transaction written at the end of a journal entry is known as _______________.
  16. The account which can never have a credit balance is
  17. All indirect expenses are charged against
  18. A part of the profit distributed to the shareholders is known as
  19. Any type of error affects the agreement of Trial Balance.
  20. The balance in the Cash Book represents net income.
  21. Business ventures, which are started for a predefined period, are known as _____________ventures
  22. Cash payments are recorded on the _______________ of the Cash Book.
  23. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  24. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  25. Which of the following events is not a transaction?
  26. Wages and Salaries is a charge against
  27. Transfer to General Reserve is a charge against
  28. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  29. The aggregate of direct material, direct labour and direct expenses is known as
  30. The first step of accountancy is