Depreciation cannot be provided in case of loss, in a financial year.

A. True

B. False

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  1. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  2. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  3. WIP stands for
  4. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  5. According to the Concept of Conservatism, an accountant should
  6. The aggregate of direct material, direct labour and direct expenses is known as
  7. Trial Balance is prepared after the preparation of Profit and Loss Account.
  8. Cash payments are recorded on the _______________ of the Cash Book.
  9. Accrual concept implies accounting on cash basis.
  10. An expenditure intended to benefit the current period is revenue expenditure.
  11. The basic unit of measurement of the accounting system is ______________.
  12. Depreciation cannot be provided in case of loss, in a financial year.
  13. All indirect expenses are charged against
  14. Which of the following events is not a transaction?
  15. Net Realisable Value of an asset means
  16. Cash is an example of
  17. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  18. Copyright is an example of
  19. HUF stands for
  20. Transfer to General Reserve is a charge against
  21. Which of the following equation(s) is(are) true
  22. Fixed Assets are stated in the balance sheet at their market value.
  23. The first step of accountancy is
  24. E. & O.E.
  25. All events are transactions but all transactions are not events.
  26. WDV stands for
  27. The account which can never have a credit balance is
  28. Capital of the business is an example of external liability.
  29. The life span of a company is dependent on the life span of the
  30. A part of the profit distributed to the shareholders is known as