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Depreciation cannot be provided in case of loss, in a financial year.

A. True

B. False

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  1. Wages and Salaries is a charge against
  2. The aggregate of direct material, direct labour and direct expenses is known as
  3. Fixed Assets are stated in the balance sheet at their market value.
  4. Which of the following equation(s) is(are) true
  5. All indirect expenses are charged against
  6. Providing depreciation ensures sufficient cash for asset replacement.
  7. An expenditure intended to benefit the current period is revenue expenditure.
  8. All events are transactions but all transactions are not events.
  9. Business ventures, which are started for a predefined period, are known as _____________ventures
  10. The basic unit of measurement of the accounting system is ______________.
  11. Cash payments are recorded on the _______________ of the Cash Book.
  12. Capital of the business is an example of external liability.
  13. Choose the odd one out
  14. HUF stands for
  15. Sale of Office Furniture should be credited to Sales Account.
  16. The account which can never have a credit balance is
  17. The first step of accountancy is
  18. Depreciation is not charged on _______________.
  19. Transfer to General Reserve is a charge against
  20. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  21. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  22. According to the Concept of Conservatism, an accountant should
  23. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  24. An expense incurred to keep the machine in working condition is a capital expenditure.
  25. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  26. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  27. Depreciation cannot be provided in case of loss, in a financial year.
  28. Copyright is an example of
  29. Trial Balance is prepared after the preparation of Profit and Loss Account.
  30. The life span of a company is dependent on the life span of the