Goodwill is not a fictitious asset.

A. True

B. False

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  1. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  2. Copyright is an example of
  3. WIP stands for
  4. Wages and Salaries is a charge against
  5. An expense incurred to keep the machine in working condition is a capital expenditure.
  6. All credit sales are recorded in
  7. The account which can never have a credit balance is
  8. Sale of Office Furniture should be credited to Sales Account.
  9. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  10. Net Realisable Value of an asset means
  11. An expenditure intended to benefit the current period is revenue expenditure.
  12. Which of the following equation(s) is(are) true
  13. WDV stands for
  14. E. & O.E.
  15. Capital of the business is an example of external liability.
  16. According to the Concept of Conservatism, an accountant should
  17. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  18. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  19. Depreciation cannot be provided in case of loss, in a financial year.
  20. The short description of a transaction written at the end of a journal entry is known as _______________.
  21. Cash is an example of
  22. The balance in the Cash Book represents net income.
  23. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  24. Providing depreciation ensures sufficient cash for asset replacement.
  25. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  26. Any type of error affects the agreement of Trial Balance.
  27. HUF stands for
  28. Accrual concept implies accounting on cash basis.
  29. The basic unit of measurement of the accounting system is ______________.
  30. Choose the odd one out