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

A. True

B. False

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  1. The aggregate of direct material, direct labour and direct expenses is known as
  2. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  3. Cash is an example of
  4. The life span of a company is dependent on the life span of the
  5. Which of the following equation(s) is(are) true
  6. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  7. WIP stands for
  8. The balance in the Cash Book represents net income.
  9. Providing depreciation ensures sufficient cash for asset replacement.
  10. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  11. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  12. Capital of the business is an example of external liability.
  13. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  14. A part of the profit distributed to the shareholders is known as
  15. All credit sales are recorded in
  16. Fixed Assets are stated in the balance sheet at their market value.
  17. E. & O.E.
  18. All indirect expenses are charged against
  19. Sale of Office Furniture should be credited to Sales Account.
  20. The short description of a transaction written at the end of a journal entry is known as _______________.
  21. Goodwill is not a fictitious asset.
  22. Depreciation cannot be provided in case of loss, in a financial year.
  23. Wages and Salaries is a charge against
  24. The account which can never have a credit balance is
  25. Business ventures, which are started for a predefined period, are known as _____________ventures
  26. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  27. The basic unit of measurement of the accounting system is ______________.
  28. Which of the following events is not a transaction?
  29. Trial Balance is prepared after the preparation of Profit and Loss Account.
  30. Transfer to General Reserve is a charge against