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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. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  2. Business ventures, which are started for a predefined period, are known as _____________ventures
  3. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  4. A part of the profit distributed to the shareholders is known as
  5. Cash payments are recorded on the _______________ of the Cash Book.
  6. Sale of Office Furniture should be credited to Sales Account.
  7. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  8. Transfer to General Reserve is a charge against
  9. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  10. The balance in the Cash Book represents net income.
  11. The first step of accountancy is
  12. Which of the following events is not a transaction?
  13. WIP stands for
  14. E. & O.E.
  15. The account which can never have a credit balance is
  16. All events are transactions but all transactions are not events.
  17. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  18. Providing depreciation ensures sufficient cash for asset replacement.
  19. Choose the odd one out
  20. The life span of a company is dependent on the life span of the
  21. All credit sales are recorded in
  22. Wages and Salaries is a charge against
  23. The aggregate of direct material, direct labour and direct expenses is known as
  24. According to the Concept of Conservatism, an accountant should
  25. Depreciation is not charged on _______________.
  26. Goodwill is not a fictitious asset.
  27. Capital of the business is an example of external liability.
  28. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  29. Any type of error affects the agreement of Trial Balance.
  30. The short description of a transaction written at the end of a journal entry is known as _______________.