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Expenditure, which result in acquisition of permanent assets, is a capital expenditure.

A. True

B. False

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  1. All credit sales are recorded in
  2. Net Realisable Value of an asset means
  3. Which of the following equation(s) is(are) true
  4. HUF stands for
  5. Depreciation is not charged on _______________.
  6. WIP stands for
  7. WDV stands for
  8. Sale of Office Furniture should be credited to Sales Account.
  9. The aggregate of direct material, direct labour and direct expenses is known as
  10. Trial Balance is prepared after the preparation of Profit and Loss Account.
  11. Providing depreciation ensures sufficient cash for asset replacement.
  12. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  13. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  14. E. & O.E.
  15. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  16. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  17. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  18. Cash payments are recorded on the _______________ of the Cash Book.
  19. Capital of the business is an example of external liability.
  20. The balance in the Cash Book represents net income.
  21. The first step of accountancy is
  22. An expense incurred to keep the machine in working condition is a capital expenditure.
  23. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  24. Business ventures, which are started for a predefined period, are known as _____________ventures
  25. The account which can never have a credit balance is
  26. Depreciation cannot be provided in case of loss, in a financial year.
  27. According to the Concept of Conservatism, an accountant should
  28. Goodwill is not a fictitious asset.
  29. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  30. All events are transactions but all transactions are not events.