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

A. True

B. False

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  1. The short description of a transaction written at the end of a journal entry is known as _______________.
  2. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  3. The aggregate of direct material, direct labour and direct expenses is known as
  4. All credit sales are recorded in
  5. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  6. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  7. Goodwill is not a fictitious asset.
  8. Copyright is an example of
  9. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  10. Cash payments are recorded on the _______________ of the Cash Book.
  11. According to the Concept of Conservatism, an accountant should
  12. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  13. Cash is an example of
  14. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  15. All events are transactions but all transactions are not events.
  16. Choose the odd one out
  17. The first step of accountancy is
  18. Net Realisable Value of an asset means
  19. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  20. Any type of error affects the agreement of Trial Balance.
  21. Which of the following events is not a transaction?
  22. Business ventures, which are started for a predefined period, are known as _____________ventures
  23. Capital of the business is an example of external liability.
  24. Depreciation is not charged on _______________.
  25. Providing depreciation ensures sufficient cash for asset replacement.
  26. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  27. WDV stands for
  28. Depreciation cannot be provided in case of loss, in a financial year.
  29. The life span of a company is dependent on the life span of the
  30. The basic unit of measurement of the accounting system is ______________.