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Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

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  1. In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of…
  2. Expenditure, which result in acquisition of permanent assets, is a capital expenditure.
  3. A part of the profit distributed to the shareholders is known as
  4. Business ventures, which are started for a predefined period, are known as _____________ventures
  5. The balance in the Cash Book represents net income.
  6. The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The…
  7. Any type of error affects the agreement of Trial Balance.
  8. Copyright is an example of
  9. The basic unit of measurement of the accounting system is ______________.
  10. Choose the odd one out
  11. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  12. All events are transactions but all transactions are not events.
  13. Which of the following events is not a transaction?
  14. Trial Balance is prepared after the preparation of Profit and Loss Account.
  15. Transfer to General Reserve is a charge against
  16. Capital of the business is an example of external liability.
  17. The short description of a transaction written at the end of a journal entry is known as _______________.
  18. Mr.Customer purchased goods from Mr.Seller on credit. This is a/an
  19. An expense incurred to keep the machine in working condition is a capital expenditure.
  20. Which of the following equation(s) is(are) true
  21. Sale of Office Furniture should be credited to Sales Account.
  22. Cash payments are recorded on the _______________ of the Cash Book.
  23. Cash is an example of
  24. An expenditure intended to benefit the current period is revenue expenditure.
  25. E. & O.E.
  26. The account which can never have a credit balance is
  27. All indirect expenses are charged against
  28. Bank Reconciliation statement is prepared to arrive at the Bank Balance.
  29. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  30. According to the Concept of Conservatism, an accountant should