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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. All indirect expenses are charged against
  2. Depreciation cannot be provided in case of loss, in a financial year.
  3. WDV stands for
  4. Depreciation is not charged on _______________.
  5. Net Realisable Value of an asset means
  6. Fixed Assets are stated in the balance sheet at their market value.
  7. The account which can never have a credit balance is
  8. Any type of error affects the agreement of Trial Balance.
  9. HUF stands for
  10. WIP stands for
  11. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  12. The basic unit of measurement of the accounting system is ______________.
  13. Goodwill is not a fictitious asset.
  14. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  15. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  16. All credit sales are recorded in
  17. All events are transactions but all transactions are not events.
  18. According to the Concept of Conservatism, an accountant should
  19. Which of the following events is not a transaction?
  20. The life span of a company is dependent on the life span of the
  21. An expenditure intended to benefit the current period is revenue expenditure.
  22. Transfer to General Reserve is a charge against
  23. Copyright is an example of
  24. The first step of accountancy is
  25. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  26. Trial Balance is prepared after the preparation of Profit and Loss Account.
  27. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  28. Sale of Office Furniture should be credited to Sales Account.
  29. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  30. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…