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An expense incurred to keep the machine in working condition is a capital expenditure.

A. True

B. False

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  1. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  2. Depreciation cannot be provided in case of loss, in a financial year.
  3. Choose the odd one out
  4. Depreciation is not charged on _______________.
  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. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  8. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  9. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  10. Fixed Assets are stated in the balance sheet at their market value.
  11. WDV stands for
  12. Cash payments are recorded on the _______________ of the Cash Book.
  13. The balance in the Cash Book represents net income.
  14. An expenditure intended to benefit the current period is revenue expenditure.
  15. Transfer to General Reserve is a charge against
  16. Which of the following equation(s) is(are) true
  17. WIP stands for
  18. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  19. All events are transactions but all transactions are not events.
  20. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  21. All indirect expenses are charged against
  22. Accrual concept implies accounting on cash basis.
  23. Capital of the business is an example of external liability.
  24. The first step of accountancy is
  25. Sale of Office Furniture should be credited to Sales Account.
  26. Goodwill is not a fictitious asset.
  27. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  28. Which of the following events is not a transaction?
  29. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  30. The basic unit of measurement of the accounting system is ______________.