Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

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  1. The first step of accountancy is
  2. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  3. A part of the profit distributed to the shareholders is known as
  4. The account which can never have a credit balance is
  5. Goodwill is not a fictitious asset.
  6. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  7. According to the Concept of Conservatism, an accountant should
  8. The aggregate of direct material, direct labour and direct expenses is known as
  9. Sale of Office Furniture should be credited to Sales Account.
  10. Which of the following events is not a transaction?
  11. Choose the odd one out
  12. All credit sales are recorded in
  13. Accrual concept implies accounting on cash basis.
  14. All indirect expenses are charged against
  15. Capital of the business is an example of external liability.
  16. The short description of a transaction written at the end of a journal entry is known as _______________.
  17. The life span of a company is dependent on the life span of the
  18. Depreciation cannot be provided in case of loss, in a financial year.
  19. Trial Balance is prepared after the preparation of Profit and Loss Account.
  20. Any type of error affects the agreement of Trial Balance.
  21. Providing depreciation ensures sufficient cash for asset replacement.
  22. Transfer to General Reserve is a charge against
  23. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  24. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  25. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  26. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  27. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  28. Cash is an example of
  29. Copyright is an example of
  30. The basic unit of measurement of the accounting system is ______________.