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E. & O.E.

A. Errors & Omissions Expected

B. Error & Omission Expected

C. Errors & Omissions Entered

D. Errors & Omissions Excepted

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  1. WDV stands for
  2. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  3. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  4. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  5. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  6. All indirect expenses are charged against
  7. The basic unit of measurement of the accounting system is ______________.
  8. All events are transactions but all transactions are not events.
  9. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  10. Cash payments are recorded on the _______________ of the Cash Book.
  11. The account which can never have a credit balance is
  12. Accrual concept implies accounting on cash basis.
  13. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  14. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  15. Depreciation is not charged on _______________.
  16. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  17. The life span of a company is dependent on the life span of the
  18. HUF stands for
  19. Business ventures, which are started for a predefined period, are known as _____________ventures
  20. Net Realisable Value of an asset means
  21. Fixed Assets are stated in the balance sheet at their market value.
  22. Depreciation cannot be provided in case of loss, in a financial year.
  23. WIP stands for
  24. A part of the profit distributed to the shareholders is known as
  25. An expense incurred to keep the machine in working condition is a capital expenditure.
  26. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  27. The balance in the Cash Book represents net income.
  28. Any type of error affects the agreement of Trial Balance.
  29. The first step of accountancy is
  30. An expenditure intended to benefit the current period is revenue expenditure.