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An expense incurred to keep the machine in working condition is a capital expenditure.

A. True

B. False

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  1. Cash is an example of
  2. Choose the odd one out
  3. Accrual concept implies accounting on cash basis.
  4. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  5. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  6. All credit sales are recorded in
  7. Providing depreciation ensures sufficient cash for asset replacement.
  8. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  9. An expenditure intended to benefit the current period is revenue expenditure.
  10. The first step of accountancy is
  11. HUF stands for
  12. Wages and Salaries is a charge against
  13. Net Realisable Value of an asset means
  14. An expense incurred to keep the machine in working condition is a capital expenditure.
  15. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  16. E. & O.E.
  17. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  18. The aggregate of direct material, direct labour and direct expenses is known as
  19. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  20. WDV stands for
  21. Capital of the business is an example of external liability.
  22. Trial Balance is prepared after the preparation of Profit and Loss Account.
  23. Sale of Office Furniture should be credited to Sales Account.
  24. WIP stands for
  25. Transfer to General Reserve is a charge against
  26. The life span of a company is dependent on the life span of the
  27. A part of the profit distributed to the shareholders is known as
  28. Copyright is an example of
  29. The balance in the Cash Book represents net income.
  30. Goodwill is not a fictitious asset.