The balance in the Cash Book represents net income.

A. True

B. False

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  1. The first step of accountancy is
  2. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  3. Cash payments are recorded on the _______________ of the Cash Book.
  4. Transfer to General Reserve is a charge against
  5. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  6. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  7. Net Realisable Value of an asset means
  8. According to the Concept of Conservatism, an accountant should
  9. The basic unit of measurement of the accounting system is ______________.
  10. An expense incurred to keep the machine in working condition is a capital expenditure.
  11. Goodwill is not a fictitious asset.
  12. All credit sales are recorded in
  13. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  14. Sale of Office Furniture should be credited to Sales Account.
  15. The balance in the Cash Book represents net income.
  16. Depreciation cannot be provided in case of loss, in a financial year.
  17. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  18. Which of the following events is not a transaction?
  19. Any type of error affects the agreement of Trial Balance.
  20. All events are transactions but all transactions are not events.
  21. Fixed Assets are stated in the balance sheet at their market value.
  22. WDV stands for
  23. An expenditure intended to benefit the current period is revenue expenditure.
  24. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  25. Wages and Salaries is a charge against
  26. The account which can never have a credit balance is
  27. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  28. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  29. Which of the following equation(s) is(are) true
  30. Accrual concept implies accounting on cash basis.