Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.

A. True

B. False

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  1. All indirect expenses are charged against
  2. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  3. Cash payments are recorded on the _______________ of the Cash Book.
  4. An expenditure intended to benefit the current period is revenue expenditure.
  5. Copyright is an example of
  6. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  7. An expense incurred to keep the machine in working condition is a capital expenditure.
  8. Any type of error affects the agreement of Trial Balance.
  9. Goodwill is not a fictitious asset.
  10. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  11. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  12. A part of the profit distributed to the shareholders is known as
  13. Depreciation is not charged on _______________.
  14. E. & O.E.
  15. Sale of Office Furniture should be credited to Sales Account.
  16. According to the Concept of Conservatism, an accountant should
  17. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  18. Transfer to General Reserve is a charge against
  19. Capital of the business is an example of external liability.
  20. Which of the following events is not a transaction?
  21. Cash is an example of
  22. Trial Balance is prepared after the preparation of Profit and Loss Account.
  23. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  24. All credit sales are recorded in
  25. All events are transactions but all transactions are not events.
  26. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  27. The account which can never have a credit balance is
  28. Accrual concept implies accounting on cash basis.
  29. The aggregate of direct material, direct labour and direct expenses is known as
  30. WDV stands for