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