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

A. True

B. False

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  1. HUF stands for
  2. WIP stands for
  3. The first step of accountancy is
  4. Providing depreciation ensures sufficient cash for asset replacement.
  5. Sale of Office Furniture should be credited to Sales Account.
  6. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  7. Business ventures, which are started for a predefined period, are known as _____________ventures
  8. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  9. Cash payments are recorded on the _______________ of the Cash Book.
  10. All events are transactions but all transactions are not events.
  11. Copyright is an example of
  12. The basic unit of measurement of the accounting system is ______________.
  13. The life span of a company is dependent on the life span of the
  14. The aggregate of direct material, direct labour and direct expenses is known as
  15. An expenditure intended to benefit the current period is revenue expenditure.
  16. Any type of error affects the agreement of Trial Balance.
  17. Which of the following events is not a transaction?
  18. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  19. A part of the profit distributed to the shareholders is known as
  20. Capital of the business is an example of external liability.
  21. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  22. The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd…
  23. Fixed Assets are stated in the balance sheet at their market value.
  24. E. & O.E.
  25. Which of the following equation(s) is(are) true
  26. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  27. Trial Balance is prepared after the preparation of Profit and Loss Account.
  28. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  29. Transfer to General Reserve is a charge against
  30. Net Realisable Value of an asset means