An expenditure intended to benefit the current period is revenue expenditure.

A. True

B. False

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  1. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  2. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  3. All indirect expenses are charged against
  4. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  5. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  6. The first step of accountancy is
  7. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  8. The basic unit of measurement of the accounting system is ______________.
  9. Wages and Salaries is a charge against
  10. Which of the following equation(s) is(are) true
  11. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  12. Cash payments are recorded on the _______________ of the Cash Book.
  13. Net Realisable Value of an asset means
  14. Business ventures, which are started for a predefined period, are known as _____________ventures
  15. WIP stands for
  16. HUF stands for
  17. According to the Concept of Conservatism, an accountant should
  18. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  19. Depreciation cannot be provided in case of loss, in a financial year.
  20. Providing depreciation ensures sufficient cash for asset replacement.
  21. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  22. Fixed Assets are stated in the balance sheet at their market value.
  23. Sale of Office Furniture should be credited to Sales Account.
  24. The balance in the Cash Book represents net income.
  25. Which of the following events is not a transaction?
  26. The short description of a transaction written at the end of a journal entry is known as _______________.
  27. The life span of a company is dependent on the life span of the
  28. Cash is an example of
  29. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  30. Accrual concept implies accounting on cash basis.