Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

A. True

B. False

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  1. The aggregate of direct material, direct labour and direct expenses is known as
  2. All indirect expenses are charged against
  3. Transfer to General Reserve is a charge against
  4. According to the Concept of Conservatism, an accountant should
  5. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  6. Business ventures, which are started for a predefined period, are known as _____________ventures
  7. The balance in the Cash Book represents net income.
  8. All events are transactions but all transactions are not events.
  9. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  10. Which of the following equation(s) is(are) true
  11. Choose the odd one out
  12. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  13. The basic unit of measurement of the accounting system is ______________.
  14. Capital of the business is an example of external liability.
  15. The first step of accountancy is
  16. Copyright is an example of
  17. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  18. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  19. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  20. An expense incurred to keep the machine in working condition is a capital expenditure.
  21. An expenditure intended to benefit the current period is revenue expenditure.
  22. All credit sales are recorded in
  23. Trial Balance is prepared after the preparation of Profit and Loss Account.
  24. Wages and Salaries is a charge against
  25. Sale of Office Furniture should be credited to Sales Account.
  26. Cash is an example of
  27. The account which can never have a credit balance is
  28. Depreciation cannot be provided in case of loss, in a financial year.
  29. WIP stands for
  30. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…