The balance in the Cash Book represents net income.

A. True

B. False

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  1. Sale of Office Furniture should be credited to Sales Account.
  2. Goodwill is not a fictitious asset.
  3. An expense incurred to keep the machine in working condition is a capital expenditure.
  4. WIP stands for
  5. HUF stands for
  6. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  7. According to the Concept of Conservatism, an accountant should
  8. Depreciation is not charged on _______________.
  9. Business ventures, which are started for a predefined period, are known as _____________ventures
  10. Providing depreciation ensures sufficient cash for asset replacement.
  11. All indirect expenses are charged against
  12. The short description of a transaction written at the end of a journal entry is known as _______________.
  13. The first step of accountancy is
  14. All events are transactions but all transactions are not events.
  15. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  16. Cash payments are recorded on the _______________ of the Cash Book.
  17. Fixed Assets are stated in the balance sheet at their market value.
  18. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  19. Depreciation cannot be provided in case of loss, in a financial year.
  20. The life span of a company is dependent on the life span of the
  21. Which of the following events is not a transaction?
  22. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  23. Cash is an example of
  24. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  25. Accrual concept implies accounting on cash basis.
  26. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  27. Trial Balance is prepared after the preparation of Profit and Loss Account.
  28. The aggregate of direct material, direct labour and direct expenses is known as
  29. Capital of the business is an example of external liability.
  30. The balance in the Cash Book represents net income.