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The life span of a company is dependent on the life span of the

A. Owner(s) of the company

B. Promoter of the company

C. Managing Director of the company

D. None of the above

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  1. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  2. Trial Balance is prepared after the preparation of Profit and Loss Account.
  3. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  4. The account which can never have a credit balance is
  5. Providing depreciation ensures sufficient cash for asset replacement.
  6. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  7. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  8. Sale of Office Furniture should be credited to Sales Account.
  9. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  10. Cash payments are recorded on the _______________ of the Cash Book.
  11. Copyright is an example of
  12. An expense incurred to keep the machine in working condition is a capital expenditure.
  13. Which of the following events is not a transaction?
  14. Accrual concept implies accounting on cash basis.
  15. Capital of the business is an example of external liability.
  16. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  17. HUF stands for
  18. A part of the profit distributed to the shareholders is known as
  19. Depreciation is not charged on _______________.
  20. Cash is an example of
  21. The short description of a transaction written at the end of a journal entry is known as _______________.
  22. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  23. E. & O.E.
  24. Business ventures, which are started for a predefined period, are known as _____________ventures
  25. Depreciation cannot be provided in case of loss, in a financial year.
  26. Wages and Salaries is a charge against
  27. Transfer to General Reserve is a charge against
  28. Any type of error affects the agreement of Trial Balance.
  29. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  30. WIP stands for