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Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

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  1. The accounts of a company may be maintained using Single Entry System of Book Keeping also.
  2. An expenditure intended to benefit the current period is revenue expenditure.
  3. Trial Balance is prepared after the preparation of Profit and Loss Account.
  4. The first step of accountancy is
  5. Which of the following events is not a transaction?
  6. The life span of a company is dependent on the life span of the
  7. Sale of Office Furniture should be credited to Sales Account.
  8. Business ventures, which are started for a predefined period, are known as _____________ventures
  9. Transfer to General Reserve is a charge against
  10. The basic unit of measurement of the accounting system is ______________.
  11. Depreciation is not charged on _______________.
  12. E. & O.E.
  13. Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing…
  14. Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.
  15. Depreciation cannot be provided in case of loss, in a financial year.
  16. The balance in the Cash Book represents net income.
  17. The short description of a transaction written at the end of a journal entry is known as _______________.
  18. If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books…
  19. Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.
  20. Providing depreciation ensures sufficient cash for asset replacement.
  21. The account which can never have a credit balance is
  22. All indirect expenses are charged against
  23. Wages and Salaries is a charge against
  24. A part of the profit distributed to the shareholders is known as
  25. Fixed Assets are stated in the balance sheet at their market value.
  26. Contingent liability is an ascertained liability but its amount and due date are indeterminate.
  27. HUF stands for
  28. Cash payments are recorded on the _______________ of the Cash Book.
  29. WIP stands for
  30. The aggregate of direct material, direct labour and direct expenses is known as