Accounts Fundamental MCQ Question with Answer

Accounts Fundamental MCQ with detailed explanation for interview, entrance and competitive exams. Explanation are given for understanding.

Question No : 36
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

True

False

Question No : 37
Providing depreciation ensures sufficient cash for asset replacement.

True

False

Question No : 38
Bank Reconciliation statement is prepared to arrive at the Bank Balance.

True

False

Question No : 39
An expenditure intended to benefit the current period is revenue expenditure.

True

False

Question No : 40
Accrual concept implies accounting on cash basis.

True

False

Question No : 41
Depreciation cannot be provided in case of loss, in a financial year.

True

False

Question No : 42
Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.

True

False

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