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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. Choose the odd one out
  2. The short description of a transaction written at the end of a journal entry is known as _______________.
  3. Wages and Salaries is a charge against
  4. Goodwill is not a fictitious asset.
  5. Capital of the business is an example of external liability.
  6. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  7. Which of the following equation(s) is(are) true
  8. Cash payments are recorded on the _______________ of the Cash Book.
  9. All credit sales are recorded in
  10. Transfer to General Reserve is a charge against
  11. Business ventures, which are started for a predefined period, are known as _____________ventures
  12. The basic unit of measurement of the accounting system is ______________.
  13. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  14. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  15. Depreciation is not charged on _______________.
  16. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  17. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  18. The aggregate of direct material, direct labour and direct expenses is known as
  19. Accrual concept implies accounting on cash basis.
  20. WIP stands for
  21. Net Realisable Value of an asset means
  22. An expense incurred to keep the machine in working condition is a capital expenditure.
  23. Depreciation cannot be provided in case of loss, in a financial year.
  24. WDV stands for
  25. Trial Balance is prepared after the preparation of Profit and Loss Account.
  26. All events are transactions but all transactions are not events.
  27. A part of the profit distributed to the shareholders is known as
  28. The account which can never have a credit balance is
  29. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  30. E. & O.E.