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Depreciation is not charged on _______________.

A. New assets

B. Land

C. Building

D. None of the above

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  1. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  2. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  3. All credit sales are recorded in
  4. The first step of accountancy is
  5. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  6. Any type of error affects the agreement of Trial Balance.
  7. A part of the profit distributed to the shareholders is known as
  8. The short description of a transaction written at the end of a journal entry is known as _______________.
  9. All events are transactions but all transactions are not events.
  10. The account which can never have a credit balance is
  11. The balance in the Cash Book represents net income.
  12. The basic unit of measurement of the accounting system is ______________.
  13. Depreciation is not charged on _______________.
  14. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  15. The aggregate of direct material, direct labour and direct expenses is known as
  16. Copyright is an example of
  17. According to the Concept of Conservatism, an accountant should
  18. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  19. WDV stands for
  20. Cash payments are recorded on the _______________ of the Cash Book.
  21. WIP stands for
  22. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  23. Accrual concept implies accounting on cash basis.
  24. Trial Balance is prepared after the preparation of Profit and Loss Account.
  25. The life span of a company is dependent on the life span of the
  26. Depreciation cannot be provided in case of loss, in a financial year.
  27. Capital of the business is an example of external liability.
  28. Choose the odd one out
  29. Providing depreciation ensures sufficient cash for asset replacement.
  30. Business ventures, which are started for a predefined period, are known as _____________ventures