HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family
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Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
WDV stands for
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
Any type of error affects the agreement of Trial Balance.
The short description of a transaction written at the end of a journal entry is known as _______________.
Net Realisable Value of an asset means
An expenditure intended to benefit the current period is revenue expenditure.
A part of the profit distributed to the shareholders is known as
Capital of the business is an example of external liability.
Copyright is an example of
The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
HUF stands for
The account which can never have a credit balance is
Trial Balance is prepared after the preparation of Profit and Loss Account.
The balance in the Cash Book represents net income.
Choose the odd one out
Depreciation cannot be provided in case of loss, in a financial year.
Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
Transfer to General Reserve is a charge against
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
Goodwill is not a fictitious asset.
Business ventures, which are started for a predefined period, are known as _____________ventures
Which of the following events is not a transaction?
All events are transactions but all transactions are not events.
An expense incurred to keep the machine in working condition is a capital expenditure.
Wages and Salaries is a charge against
The basic unit of measurement of the accounting system is ______________.
Accrual concept implies accounting on cash basis.
Cash payments are recorded on the _______________ of the Cash Book.
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
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