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

A. True

B. False

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  1. Any type of error affects the agreement of Trial Balance.
  2. The account which can never have a credit balance is
  3. Cash payments are recorded on the _______________ of the Cash Book.
  4. WDV stands for
  5. Capital of the business is an example of external liability.
  6. Providing depreciation ensures sufficient cash for asset replacement.
  7. Trial Balance is prepared after the preparation of Profit and Loss Account.
  8. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  9. The life span of a company is dependent on the life span of the
  10. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  11. Depreciation is not charged on _______________.
  12. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  13. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  14. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  15. The short description of a transaction written at the end of a journal entry is known as _______________.
  16. A part of the profit distributed to the shareholders is known as
  17. All indirect expenses are charged against
  18. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  19. All events are transactions but all transactions are not events.
  20. Sale of Office Furniture should be credited to Sales Account.
  21. An expense incurred to keep the machine in working condition is a capital expenditure.
  22. HUF stands for
  23. Wages and Salaries is a charge against
  24. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  25. Fixed Assets are stated in the balance sheet at their market value.
  26. Which of the following equation(s) is(are) true
  27. Depreciation cannot be provided in case of loss, in a financial year.
  28. The basic unit of measurement of the accounting system is ______________.
  29. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  30. The first step of accountancy is