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Goodwill is not a fictitious asset.

A. True

B. False

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  1. Accrual concept implies accounting on cash basis.
  2. The life span of a company is dependent on the life span of the
  3. Providing depreciation ensures sufficient cash for asset replacement.
  4. Choose the odd one out
  5. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  6. The short description of a transaction written at the end of a journal entry is known as _______________.
  7. All indirect expenses are charged against
  8. Business ventures, which are started for a predefined period, are known as _____________ventures
  9. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  10. Depreciation is not charged on _______________.
  11. Which of the following equation(s) is(are) true
  12. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  13. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  14. Capital of the business is an example of external liability.
  15. Transfer to General Reserve is a charge against
  16. Cash is an example of
  17. Any type of error affects the agreement of Trial Balance.
  18. An expenditure intended to benefit the current period is revenue expenditure.
  19. According to the Concept of Conservatism, an accountant should
  20. The account which can never have a credit balance is
  21. Depreciation cannot be provided in case of loss, in a financial year.
  22. WDV stands for
  23. An expense incurred to keep the machine in working condition is a capital expenditure.
  24. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  25. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  26. All credit sales are recorded in
  27. Sale of Office Furniture should be credited to Sales Account.
  28. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  29. Cash payments are recorded on the _______________ of the Cash Book.
  30. A part of the profit distributed to the shareholders is known as