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

A. True

B. False

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  1. Capital of the business is an example of external liability.
  2. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  3. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  4. All events are transactions but all transactions are not events.
  5. The aggregate of direct material, direct labour and direct expenses is known as
  6. The account which can never have a credit balance is
  7. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  8. All indirect expenses are charged against
  9. WDV stands for
  10. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  11. Cash payments are recorded on the _______________ of the Cash Book.
  12. WIP stands for
  13. A part of the profit distributed to the shareholders is known as
  14. Net Realisable Value of an asset means
  15. Depreciation is not charged on _______________.
  16. Choose the odd one out
  17. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  18. All credit sales are recorded in
  19. The short description of a transaction written at the end of a journal entry is known as _______________.
  20. The balance in the Cash Book represents net income.
  21. E. & O.E.
  22. Which of the following events is not a transaction?
  23. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  24. Trial Balance is prepared after the preparation of Profit and Loss Account.
  25. The life span of a company is dependent on the life span of the
  26. Transfer to General Reserve is a charge against
  27. An expenditure intended to benefit the current period is revenue expenditure.
  28. Depreciation cannot be provided in case of loss, in a financial year.
  29. Sale of Office Furniture should be credited to Sales Account.
  30. Contingent liability is an ascertained liability but its amount and due date are indeterminate.