An expenditure intended to benefit the current period is revenue expenditure.

A. True

B. False

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  1. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  2. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  3. The short description of a transaction written at the end of a journal entry is known as _______________.
  4. Depreciation is not charged on _______________.
  5. An expense incurred to keep the machine in working condition is a capital expenditure.
  6. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  7. All indirect expenses are charged against
  8. WIP stands for
  9. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  10. The basic unit of measurement of the accounting system is ______________.
  11. Cash payments are recorded on the _______________ of the Cash Book.
  12. Choose the odd one out
  13. Which of the following events is not a transaction?
  14. According to the Concept of Conservatism, an accountant should
  15. Which of the following equation(s) is(are) true
  16. Accrual concept implies accounting on cash basis.
  17. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  18. Cash is an example of
  19. Copyright is an example of
  20. Capital of the business is an example of external liability.
  21. Providing depreciation ensures sufficient cash for asset replacement.
  22. The account which can never have a credit balance is
  23. HUF stands for
  24. Trial Balance is prepared after the preparation of Profit and Loss Account.
  25. An expenditure intended to benefit the current period is revenue expenditure.
  26. Depreciation cannot be provided in case of loss, in a financial year.
  27. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  28. Wages and Salaries is a charge against
  29. Fixed Assets are stated in the balance sheet at their market value.
  30. The accounts of a company may be maintained using Single Entry System of Book Keeping also.