HUF stands for

A. Hindu United Family

B. HIndi Undivided Family

C. Hindu Undivided Family

D. Hindu Uniform Family

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  1. Fixed Assets are stated in the balance sheet at their market value.
  2. All credit sales are recorded in
  3. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  4. The life span of a company is dependent on the life span of the
  5. Which of the following events is not a transaction?
  6. Goodwill is not a fictitious asset.
  7. A part of the profit distributed to the shareholders is known as
  8. The balance in the Cash Book represents net income.
  9. Any type of error affects the agreement of Trial Balance.
  10. An expenditure intended to benefit the current period is revenue expenditure.
  11. Wages and Salaries is a charge against
  12. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  13. Sale of Office Furniture should be credited to Sales Account.
  14. All indirect expenses are charged against
  15. The basic unit of measurement of the accounting system is ______________.
  16. Capital of the business is an example of external liability.
  17. According to the Concept of Conservatism, an accountant should
  18. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  19. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  20. The aggregate of direct material, direct labour and direct expenses is known as
  21. Net Realisable Value of an asset means
  22. WDV stands for
  23. Providing depreciation ensures sufficient cash for asset replacement.
  24. Depreciation is not charged on _______________.
  25. The first step of accountancy is
  26. The account which can never have a credit balance is
  27. E. & O.E.
  28. Depreciation cannot be provided in case of loss, in a financial year.
  29. The short description of a transaction written at the end of a journal entry is known as _______________.
  30. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an