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Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.

A. True

B. False

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  1. According to the Concept of Conservatism, an accountant should
  2. All credit sales are recorded in
  3. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  4. Which of the following events is not a transaction?
  5. The account which can never have a credit balance is
  6. Copyright is an example of
  7. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  8. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  9. The basic unit of measurement of the accounting system is ______________.
  10. All events are transactions but all transactions are not events.
  11. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  12. Wages and Salaries is a charge against
  13. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  14. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  15. Cash payments are recorded on the _______________ of the Cash Book.
  16. The life span of a company is dependent on the life span of the
  17. Which of the following equation(s) is(are) true
  18. Trial Balance is prepared after the preparation of Profit and Loss Account.
  19. Fixed Assets are stated in the balance sheet at their market value.
  20. WDV stands for
  21. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  22. Business ventures, which are started for a predefined period, are known as _____________ventures
  23. Accrual concept implies accounting on cash basis.
  24. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  25. The aggregate of direct material, direct labour and direct expenses is known as
  26. Choose the odd one out
  27. Depreciation cannot be provided in case of loss, in a financial year.
  28. The short description of a transaction written at the end of a journal entry is known as _______________.
  29. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  30. Transfer to General Reserve is a charge against