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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. Transfer to General Reserve is a charge against
  2. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  3. According to the Concept of Conservatism, an accountant should
  4. Wages and Salaries is a charge against
  5. The account which can never have a credit balance is
  6. The balance in the Cash Book represents net income.
  7. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  8. All events are transactions but all transactions are not events.
  9. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  10. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  11. Net Realisable Value of an asset means
  12. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  13. All credit sales are recorded in
  14. Business ventures, which are started for a predefined period, are known as _____________ventures
  15. Depreciation is not charged on _______________.
  16. WDV stands for
  17. Copyright is an example of
  18. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  19. Providing depreciation ensures sufficient cash for asset replacement.
  20. Which of the following equation(s) is(are) true
  21. Sale of Office Furniture should be credited to Sales Account.
  22. Capital of the business is an example of external liability.
  23. WIP stands for
  24. Goodwill is not a fictitious asset.
  25. Fixed Assets are stated in the balance sheet at their market value.
  26. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  27. The short description of a transaction written at the end of a journal entry is known as _______________.
  28. Accrual concept implies accounting on cash basis.
  29. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  30. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.