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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. Any type of error affects the agreement of Trial Balance.
  2. Trial Balance is prepared after the preparation of Profit and Loss Account.
  3. Wages and Salaries is a charge against
  4. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  5. An expenditure intended to benefit the current period is revenue expenditure.
  6. Capital of the business is an example of external liability.
  7. Sale of Office Furniture should be credited to Sales Account.
  8. All indirect expenses are charged against
  9. HUF stands for
  10. An expense incurred to keep the machine in working condition is a capital expenditure.
  11. E. & O.E.
  12. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  13. The account which can never have a credit balance is
  14. Depreciation is not charged on _______________.
  15. Choose the odd one out
  16. The aggregate of direct material, direct labour and direct expenses is known as
  17. Cash is an example of
  18. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  19. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  20. All credit sales are recorded in
  21. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  22. Fixed Assets are stated in the balance sheet at their market value.
  23. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  24. Which of the following events is not a transaction?
  25. All events are transactions but all transactions are not events.
  26. Which of the following equation(s) is(are) true
  27. Business ventures, which are started for a predefined period, are known as _____________ventures
  28. WDV stands for
  29. The short description of a transaction written at the end of a journal entry is known as _______________.
  30. WIP stands for