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

A. True

B. False

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  1. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  2. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  3. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  4. WIP stands for
  5. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  6. Cash payments are recorded on the _______________ of the Cash Book.
  7. Transfer to General Reserve is a charge against
  8. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  9. Net Realisable Value of an asset means
  10. All indirect expenses are charged against
  11. According to the Concept of Conservatism, an accountant should
  12. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  13. Business ventures, which are started for a predefined period, are known as _____________ventures
  14. The basic unit of measurement of the accounting system is ______________.
  15. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  16. Capital of the business is an example of external liability.
  17. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  18. An expenditure intended to benefit the current period is revenue expenditure.
  19. The short description of a transaction written at the end of a journal entry is known as _______________.
  20. Depreciation is not charged on _______________.
  21. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  22. Providing depreciation ensures sufficient cash for asset replacement.
  23. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  24. Choose the odd one out
  25. The aggregate of direct material, direct labour and direct expenses is known as
  26. The account which can never have a credit balance is
  27. All events are transactions but all transactions are not events.
  28. Depreciation cannot be provided in case of loss, in a financial year.
  29. Which of the following equation(s) is(are) true
  30. The balance in the Cash Book represents net income.