Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

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  1. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  2. Choose the odd one out
  3. Any type of error affects the agreement of Trial Balance.
  4. The account which can never have a credit balance is
  5. The aggregate of direct material, direct labour and direct expenses is known as
  6. According to the Concept of Conservatism, an accountant should
  7. An expense incurred to keep the machine in working condition is a capital expenditure.
  8. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  9. Copyright is an example of
  10. WDV stands for
  11. All events are transactions but all transactions are not events.
  12. The balance in the Cash Book represents net income.
  13. Net Realisable Value of an asset means
  14. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  15. All indirect expenses are charged against
  16. An expenditure intended to benefit the current period is revenue expenditure.
  17. Sale of Office Furniture should be credited to Sales Account.
  18. The life span of a company is dependent on the life span of the
  19. Capital of the business is an example of external liability.
  20. Cash payments are recorded on the _______________ of the Cash Book.
  21. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  22. Depreciation cannot be provided in case of loss, in a financial year.
  23. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  24. Fixed Assets are stated in the balance sheet at their market value.
  25. Trial Balance is prepared after the preparation of Profit and Loss Account.
  26. The basic unit of measurement of the accounting system is ______________.
  27. Which of the following events is not a transaction?
  28. Transfer to General Reserve is a charge against
  29. Accrual concept implies accounting on cash basis.
  30. The first step of accountancy is