Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
True
False
Correct Answer :
B. False
Related Questions
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
Event
Transaction
Both (a) and (b)
None of the above
Trial Balance is prepared after the preparation of Profit and Loss Account.
True
False
Accrual concept implies accounting on cash basis.
True
False
Goodwill is not a fictitious asset.
True
False
WDV stands for
Written Down Valuation
Write Down Value
Written Down Value
Writing Down Value
An expenditure intended to benefit the current period is revenue expenditure.
True
False
Cash payments are recorded on the _______________ of the Cash Book.
Debit side
Credit side
Both sides
Any one side
The balance in the Cash Book represents net income.
True
False
Transfer to General Reserve is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is
Rs.57,000
Rs.59,500
Rs.54,500
Rs.50,000
Bank Reconciliation statement is prepared to arrive at the Bank Balance.
True
False
The short description of a transaction written at the end of a journal entry is known as _______________.
Summary
Narration
Memo
Info
HUF stands for
Hindu United Family
HIndi Undivided Family
Hindu Undivided Family
Hindu Uniform Family
Wages and Salaries is a charge against
Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet
Cash is an example of
Personal Account
Real Account
Nominal Account
Both (a) and (b)
The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is
Rs.60,000
Rs.54,000
Rs.48,600
Rs.43,740
In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of Credit balances, in certain situations, even if transactions are recorded correctly.
True
False
The first step of accountancy is
Journal Entry
Ledger Posting
Balancing of Accounts
Trial Balance
The basic unit of measurement of the accounting system is ______________.
Money
Finance
Weight
None of the above
Contingent liability is an ascertained liability but its amount and due date are indeterminate.
True
False
Choose the odd one out
Wages
Stationery
Sales
Furniture
Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
True
False
Net Realisable Value of an asset means
The historical cost of the asset
Its sale value as on a particular date
Its written down value as on a particular date
None of the above
An expense incurred to keep the machine in working condition is a capital expenditure.
True
False
Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
True
False
E. & O.E.
Errors & Omissions Expected
Error & Omission Expected
Errors & Omissions Entered
Errors & Omissions Excepted
Capital of the business is an example of external liability.
True
False
The aggregate of direct material, direct labour and direct expenses is known as
Product Cost
Manufacturing Cost
Prime Cost
Production Cost
The account which can never have a credit balance is
Bank
Cash
Debtor
Creditor
Depreciation is not charged on _______________.
New assets
Land
Building
None of the above