Wages and Salaries is a charge against

A. Trading Account

B. Profit and Loss Account

C. Profit and Loss Appropriation Account

D. Balance Sheet

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  1. Any type of error affects the agreement of Trial Balance.
  2. The basic unit of measurement of the accounting system is ______________.
  3. Copyright is an example of
  4. All events are transactions but all transactions are not events.
  5. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  6. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  7. The balance in the Cash Book represents net income.
  8. The short description of a transaction written at the end of a journal entry is known as _______________.
  9. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  10. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  11. According to the Concept of Conservatism, an accountant should
  12. Wages and Salaries is a charge against
  13. WIP stands for
  14. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  15. Fixed Assets are stated in the balance sheet at their market value.
  16. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  17. An expense incurred to keep the machine in working condition is a capital expenditure.
  18. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  19. Depreciation cannot be provided in case of loss, in a financial year.
  20. Sale of Office Furniture should be credited to Sales Account.
  21. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  22. Net Realisable Value of an asset means
  23. Cash is an example of
  24. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  25. All credit sales are recorded in
  26. Which of the following events is not a transaction?
  27. An expenditure intended to benefit the current period is revenue expenditure.
  28. E. & O.E.
  29. Choose the odd one out
  30. WDV stands for