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Goodwill is not a fictitious asset.

A. True

B. False

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  1. The balance in the Cash Book represents net income.
  2. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  3. HUF stands for
  4. Goodwill is not a fictitious asset.
  5. Depreciation is not charged on _______________.
  6. Which of the following events is not a transaction?
  7. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  8. Choose the odd one out
  9. Fixed Assets are stated in the balance sheet at their market value.
  10. All indirect expenses are charged against
  11. All credit sales are recorded in
  12. Any type of error affects the agreement of Trial Balance.
  13. A part of the profit distributed to the shareholders is known as
  14. Business ventures, which are started for a predefined period, are known as _____________ventures
  15. An expenditure intended to benefit the current period is revenue expenditure.
  16. Sale of Office Furniture should be credited to Sales Account.
  17. Which of the following equation(s) is(are) true
  18. E. & O.E.
  19. Trial Balance is prepared after the preparation of Profit and Loss Account.
  20. The life span of a company is dependent on the life span of the
  21. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  22. The short description of a transaction written at the end of a journal entry is known as _______________.
  23. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  24. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  25. The basic unit of measurement of the accounting system is ______________.
  26. Cash payments are recorded on the _______________ of the Cash Book.
  27. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  28. Accrual concept implies accounting on cash basis.
  29. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  30. Transfer to General Reserve is a charge against