WIP stands for
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Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
A part of the profit distributed to the shareholders is known as
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
The life span of a company is dependent on the life span of the
Any type of error affects the agreement of Trial Balance.
Choose the odd one out
An expense incurred to keep the machine in working condition is a capital expenditure.
Copyright is an example of
All credit sales are recorded in
All events are transactions but all transactions are not events.
Depreciation cannot be provided in case of loss, in a financial year.
HUF stands for
WIP stands for
Trial Balance is prepared after the preparation of Profit and Loss Account.
Net Realisable Value of an asset means
All indirect expenses are charged against
Cash is an example of
The basic unit of measurement of the accounting system is ______________.
Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
E. & O.E.
In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
Depreciation is not charged on _______________.
According to the Concept of Conservatism, an accountant should
The short description of a transaction written at the end of a journal entry is known as _______________.
Goodwill is not a fictitious asset.
Business ventures, which are started for a predefined period, are known as _____________ventures
Capital of the business is an example of external liability.
An expenditure intended to benefit the current period is revenue expenditure.
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