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Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

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  1. Wages and Salaries is a charge against
  2. Net Realisable Value of an asset means
  3. The account which can never have a credit balance is
  4. Depreciation cannot be provided in case of loss, in a financial year.
  5. Business ventures, which are started for a predefined period, are known as _____________ventures
  6. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  7. Capital of the business is an example of external liability.
  8. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  9. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  10. Sale of Office Furniture should be credited to Sales Account.
  11. HUF stands for
  12. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  13. All events are transactions but all transactions are not events.
  14. The first step of accountancy is
  15. Any type of error affects the agreement of Trial Balance.
  16. Fixed Assets are stated in the balance sheet at their market value.
  17. Cash is an example of
  18. An expenditure intended to benefit the current period is revenue expenditure.
  19. Trial Balance is prepared after the preparation of Profit and Loss Account.
  20. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  21. Which of the following equation(s) is(are) true
  22. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  23. WIP stands for
  24. The balance in the Cash Book represents net income.
  25. The short description of a transaction written at the end of a journal entry is known as _______________.
  26. The basic unit of measurement of the accounting system is ______________.
  27. E. & O.E.
  28. Goodwill is not a fictitious asset.
  29. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  30. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…