WIP stands for

A. Working Progress

B. What-in-Progress

C. Work-in-Progress

D. Works-in-Progress

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  1. Sale of Office Furniture should be credited to Sales Account.
  2. Cash is an example of
  3. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  4. A part of the profit distributed to the shareholders is known as
  5. Which of the following equation(s) is(are) true
  6. All credit sales are recorded in
  7. Goodwill is not a fictitious asset.
  8. WDV stands for
  9. Any type of error affects the agreement of Trial Balance.
  10. Fixed Assets are stated in the balance sheet at their market value.
  11. WIP stands for
  12. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  13. Transfer to General Reserve is a charge against
  14. The aggregate of direct material, direct labour and direct expenses is known as
  15. Net Realisable Value of an asset means
  16. All events are transactions but all transactions are not events.
  17. The balance in the Cash Book represents net income.
  18. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  19. Depreciation cannot be provided in case of loss, in a financial year.
  20. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  21. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  22. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  23. The basic unit of measurement of the accounting system is ______________.
  24. All indirect expenses are charged against
  25. Trial Balance is prepared after the preparation of Profit and Loss Account.
  26. The short description of a transaction written at the end of a journal entry is known as _______________.
  27. Copyright is an example of
  28. An expenditure intended to benefit the current period is revenue expenditure.
  29. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  30. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…