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

A. True

B. False

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  1. The basic unit of measurement of the accounting system is ______________.
  2. A part of the profit distributed to the shareholders is known as
  3. Accrual concept implies accounting on cash basis.
  4. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  5. Choose the odd one out
  6. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  7. Which of the following equation(s) is(are) true
  8. Depreciation is not charged on _______________.
  9. Net Realisable Value of an asset means
  10. Which of the following events is not a transaction?
  11. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  12. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  13. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  14. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  15. All credit sales are recorded in
  16. The life span of a company is dependent on the life span of the
  17. HUF stands for
  18. WDV stands for
  19. The account which can never have a credit balance is
  20. E. & O.E.
  21. Wages and Salaries is a charge against
  22. The short description of a transaction written at the end of a journal entry is known as _______________.
  23. The balance in the Cash Book represents net income.
  24. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  25. Fixed Assets are stated in the balance sheet at their market value.
  26. Goodwill is not a fictitious asset.
  27. Depreciation cannot be provided in case of loss, in a financial year.
  28. Business ventures, which are started for a predefined period, are known as _____________ventures
  29. An expense incurred to keep the machine in working condition is a capital expenditure.
  30. The aggregate of direct material, direct labour and direct expenses is known as