The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is
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Which of the following events is not a transaction?
Cash payments are recorded on the _______________ of the Cash Book.
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
The short description of a transaction written at the end of a journal entry is known as _______________.
The account which can never have a credit balance is
The basic unit of measurement of the accounting system is ______________.
All indirect expenses are charged against
Depreciation cannot be provided in case of loss, in a financial year.
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
Wages and Salaries is a charge against
Trial Balance is prepared after the preparation of Profit and Loss Account.
Business ventures, which are started for a predefined period, are known as _____________ventures
All credit sales are recorded in
Any type of error affects the agreement of Trial Balance.
Goodwill is not a fictitious asset.
The first step of accountancy is
Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Fixed Assets are stated in the balance sheet at their market value.
The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
Which of the following equation(s) is(are) true
According to the Concept of Conservatism, an accountant should
HUF stands for
Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
Cash is an example of
An expense incurred to keep the machine in working condition is a capital expenditure.
WDV stands for
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
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