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Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

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  1. Trial Balance is prepared after the preparation of Profit and Loss Account.
  2. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  3. The account which can never have a credit balance is
  4. Accrual concept implies accounting on cash basis.
  5. The life span of a company is dependent on the life span of the
  6. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  7. WDV stands for
  8. E. & O.E.
  9. All credit sales are recorded in
  10. An expenditure intended to benefit the current period is revenue expenditure.
  11. Transfer to General Reserve is a charge against
  12. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  13. Business ventures, which are started for a predefined period, are known as _____________ventures
  14. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  15. An expense incurred to keep the machine in working condition is a capital expenditure.
  16. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  17. Goodwill is not a fictitious asset.
  18. Wages and Salaries is a charge against
  19. HUF stands for
  20. Depreciation cannot be provided in case of loss, in a financial year.
  21. A part of the profit distributed to the shareholders is known as
  22. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  23. The first step of accountancy is
  24. Any type of error affects the agreement of Trial Balance.
  25. WIP stands for
  26. According to the Concept of Conservatism, an accountant should
  27. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  28. The aggregate of direct material, direct labour and direct expenses is known as
  29. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  30. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an