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

A. True

B. False

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  1. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  2. Accrual concept implies accounting on cash basis.
  3. Net Realisable Value of an asset means
  4. According to the Concept of Conservatism, an accountant should
  5. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  6. The life span of a company is dependent on the life span of the
  7. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  8. WDV stands for
  9. HUF stands for
  10. The aggregate of direct material, direct labour and direct expenses is known as
  11. Goodwill is not a fictitious asset.
  12. Depreciation cannot be provided in case of loss, in a financial year.
  13. A part of the profit distributed to the shareholders is known as
  14. All credit sales are recorded in
  15. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  16. Providing depreciation ensures sufficient cash for asset replacement.
  17. Cash payments are recorded on the _______________ of the Cash Book.
  18. Depreciation is not charged on _______________.
  19. An expense incurred to keep the machine in working condition is a capital expenditure.
  20. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  21. WIP stands for
  22. Transfer to General Reserve is a charge against
  23. Which of the following events is not a transaction?
  24. E. & O.E.
  25. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  26. The first step of accountancy is
  27. Wages and Salaries is a charge against
  28. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  29. The account which can never have a credit balance is
  30. The basic unit of measurement of the accounting system is ______________.