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Capital of the business is an example of external liability.

A. True

B. False

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  1. An expense incurred to keep the machine in working condition is a capital expenditure.
  2. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  3. Cash is an example of
  4. The balance in the Cash Book represents net income.
  5. An expenditure intended to benefit the current period is revenue expenditure.
  6. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  7. Cash payments are recorded on the _______________ of the Cash Book.
  8. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  9. The first step of accountancy is
  10. WIP stands for
  11. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  12. Depreciation is not charged on _______________.
  13. Providing depreciation ensures sufficient cash for asset replacement.
  14. Copyright is an example of
  15. Goodwill is not a fictitious asset.
  16. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  17. Choose the odd one out
  18. WDV stands for
  19. Sale of Office Furniture should be credited to Sales Account.
  20. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  21. Business ventures, which are started for a predefined period, are known as _____________ventures
  22. According to the Concept of Conservatism, an accountant should
  23. Which of the following events is not a transaction?
  24. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  25. HUF stands for
  26. Which of the following equation(s) is(are) true
  27. All indirect expenses are charged against
  28. Transfer to General Reserve is a charge against
  29. All credit sales are recorded in
  30. Wages and Salaries is a charge against