Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

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  1. The basic unit of measurement of the accounting system is ______________.
  2. WDV stands for
  3. Any type of error affects the agreement of Trial Balance.
  4. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  5. All events are transactions but all transactions are not events.
  6. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  7. Accrual concept implies accounting on cash basis.
  8. Cash payments are recorded on the _______________ of the Cash Book.
  9. The first step of accountancy is
  10. An expense incurred to keep the machine in working condition is a capital expenditure.
  11. Depreciation is not charged on _______________.
  12. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  13. The aggregate of direct material, direct labour and direct expenses is known as
  14. An expenditure intended to benefit the current period is revenue expenditure.
  15. Goodwill is not a fictitious asset.
  16. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  17. Which of the following equation(s) is(are) true
  18. Cash is an example of
  19. According to the Concept of Conservatism, an accountant should
  20. Transfer to General Reserve is a charge against
  21. The short description of a transaction written at the end of a journal entry is known as _______________.
  22. Providing depreciation ensures sufficient cash for asset replacement.
  23. Depreciation cannot be provided in case of loss, in a financial year.
  24. Sale of Office Furniture should be credited to Sales Account.
  25. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  26. Copyright is an example of
  27. The balance in the Cash Book represents net income.
  28. Capital of the business is an example of external liability.
  29. All indirect expenses are charged against
  30. E. & O.E.