Expenditure, which result in acquisition of permanent assets, is a capital expenditure.

A. True

B. False

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  1. Net Realisable Value of an asset means
  2. All indirect expenses are charged against
  3. Trial Balance is prepared after the preparation of Profit and Loss Account.
  4. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  5. The balance in the Cash Book represents net income.
  6. All events are transactions but all transactions are not events.
  7. Cash is an example of
  8. Providing depreciation ensures sufficient cash for asset replacement.
  9. An expenditure intended to benefit the current period is revenue expenditure.
  10. WDV stands for
  11. E. & O.E.
  12. Sale of Office Furniture should be credited to Sales Account.
  13. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  14. Which of the following events is not a transaction?
  15. HUF stands for
  16. The account which can never have a credit balance is
  17. The aggregate of direct material, direct labour and direct expenses is known as
  18. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  19. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  20. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  21. Fixed Assets are stated in the balance sheet at their market value.
  22. The basic unit of measurement of the accounting system is ______________.
  23. Business ventures, which are started for a predefined period, are known as _____________ventures
  24. Goodwill is not a fictitious asset.
  25. The short description of a transaction written at the end of a journal entry is known as _______________.
  26. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  27. A part of the profit distributed to the shareholders is known as
  28. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  29. Copyright is an example of
  30. Depreciation cannot be provided in case of loss, in a financial year.