Trial Balance is prepared after the preparation of Profit and Loss Account.

A. True

B. False

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  1. The first step of accountancy is
  2. All credit sales are recorded in
  3. Accrual concept implies accounting on cash basis.
  4. Which of the following events is not a transaction?
  5. WIP stands for
  6. An expense incurred to keep the machine in working condition is a capital expenditure.
  7. The balance in the Cash Book represents net income.
  8. Trial Balance is prepared after the preparation of Profit and Loss Account.
  9. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  10. Cash is an example of
  11. An expenditure intended to benefit the current period is revenue expenditure.
  12. Depreciation cannot be provided in case of loss, in a financial year.
  13. Providing depreciation ensures sufficient cash for asset replacement.
  14. Net Realisable Value of an asset means
  15. Sale of Office Furniture should be credited to Sales Account.
  16. A part of the profit distributed to the shareholders is known as
  17. The basic unit of measurement of the accounting system is ______________.
  18. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  19. The life span of a company is dependent on the life span of the
  20. Fixed Assets are stated in the balance sheet at their market value.
  21. The short description of a transaction written at the end of a journal entry is known as _______________.
  22. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  23. WDV stands for
  24. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  25. All indirect expenses are charged against
  26. According to the Concept of Conservatism, an accountant should
  27. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  28. Cash payments are recorded on the _______________ of the Cash Book.
  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. Business ventures, which are started for a predefined period, are known as _____________ventures