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The balance in the Cash Book represents net income.

A. True

B. False

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  1. Wages and Salaries is a charge against
  2. The first step of accountancy is
  3. E. & O.E.
  4. WIP stands for
  5. Goodwill is not a fictitious asset.
  6. Which of the following equation(s) is(are) true
  7. WDV stands for
  8. HUF stands for
  9. The life span of a company is dependent on the life span of the
  10. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  11. Which of the following events is not a transaction?
  12. The balance in the Cash Book represents net income.
  13. Copyright is an example of
  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. An expenditure intended to benefit the current period is revenue expenditure.
  16. All events are transactions but all transactions are not events.
  17. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  18. Any type of error affects the agreement of Trial Balance.
  19. Cash is an example of
  20. Choose the odd one out
  21. Providing depreciation ensures sufficient cash for asset replacement.
  22. The basic unit of measurement of the accounting system is ______________.
  23. All credit sales are recorded in
  24. The account which can never have a credit balance is
  25. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  26. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  27. The aggregate of direct material, direct labour and direct expenses is known as
  28. The short description of a transaction written at the end of a journal entry is known as _______________.
  29. All indirect expenses are charged against
  30. Trial Balance is prepared after the preparation of Profit and Loss Account.