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Fixed Assets are stated in the balance sheet at their market value.

A. True

B. False

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  1. An expenditure intended to benefit the current period is revenue expenditure.
  2. Net Realisable Value of an asset means
  3. Sale of Office Furniture should be credited to Sales Account.
  4. The aggregate of direct material, direct labour and direct expenses is known as
  5. All indirect expenses are charged against
  6. Wages and Salaries is a charge against
  7. A part of the profit distributed to the shareholders is known as
  8. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  9. HUF stands for
  10. Any type of error affects the agreement of Trial Balance.
  11. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  12. WIP stands for
  13. Cash is an example of
  14. The basic unit of measurement of the accounting system is ______________.
  15. Which of the following events is not a transaction?
  16. Providing depreciation ensures sufficient cash for asset replacement.
  17. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  18. The first step of accountancy is
  19. The balance in the Cash Book represents net income.
  20. Capital of the business is an example of external liability.
  21. Transfer to General Reserve is a charge against
  22. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  23. Goodwill is not a fictitious asset.
  24. Trial Balance is prepared after the preparation of Profit and Loss Account.
  25. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  26. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  27. Cash payments are recorded on the _______________ of the Cash Book.
  28. Business ventures, which are started for a predefined period, are known as _____________ventures
  29. The account which can never have a credit balance is
  30. Accrual concept implies accounting on cash basis.