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Fixed Assets are stated in the balance sheet at their market value.

A. True

B. False

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  1. All credit sales are recorded in
  2. Sale of Office Furniture should be credited to Sales Account.
  3. WIP stands for
  4. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  5. HUF stands for
  6. Depreciation cannot be provided in case of loss, in a financial year.
  7. Providing depreciation ensures sufficient cash for asset replacement.
  8. Goodwill is not a fictitious asset.
  9. A part of the profit distributed to the shareholders is known as
  10. The account which can never have a credit balance is
  11. Transfer to General Reserve is a charge against
  12. Which of the following equation(s) is(are) true
  13. An expenditure intended to benefit the current period is revenue expenditure.
  14. Depreciation is not charged on _______________.
  15. The aggregate of direct material, direct labour and direct expenses is known as
  16. The basic unit of measurement of the accounting system is ______________.
  17. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  18. Choose the odd one out
  19. Accrual concept implies accounting on cash basis.
  20. All indirect expenses are charged against
  21. An expense incurred to keep the machine in working condition is a capital expenditure.
  22. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  23. Business ventures, which are started for a predefined period, are known as _____________ventures
  24. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  25. The life span of a company is dependent on the life span of the
  26. Capital of the business is an example of external liability.
  27. All events are transactions but all transactions are not events.
  28. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  29. Which of the following events is not a transaction?
  30. Cash is an example of