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. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  2. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  3. A part of the profit distributed to the shareholders is known as
  4. Accrual concept implies accounting on cash basis.
  5. Choose the odd one out
  6. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  7. HUF stands for
  8. Fixed Assets are stated in the balance sheet at their market value.
  9. Providing depreciation ensures sufficient cash for asset replacement.
  10. All credit sales are recorded in
  11. Depreciation is not charged on _______________.
  12. WDV stands for
  13. WIP stands for
  14. An expenditure intended to benefit the current period is revenue expenditure.
  15. Cash payments are recorded on the _______________ of the Cash Book.
  16. Which of the following equation(s) is(are) true
  17. Goodwill is not a fictitious asset.
  18. Depreciation cannot be provided in case of loss, in a financial year.
  19. The first step of accountancy is
  20. Sale of Office Furniture should be credited to Sales Account.
  21. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  22. All indirect expenses are charged against
  23. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  24. The aggregate of direct material, direct labour and direct expenses is known as
  25. An expense incurred to keep the machine in working condition is a capital expenditure.
  26. The balance in the Cash Book represents net income.
  27. Business ventures, which are started for a predefined period, are known as _____________ventures
  28. The basic unit of measurement of the accounting system is ______________.
  29. Trial Balance is prepared after the preparation of Profit and Loss Account.
  30. The life span of a company is dependent on the life span of the