TRUE OR FALSE QUESTIONS
State with reasons whether the following statements are True or False:
- Depreciation is an amortised expenditure.
- Prudence is a concept to recognise unrealised profits and not losses.
- Pre-operative expenses are revenue expenses.
- Reducing Balance Method of Depreciation is followed to have a uniform charge for Depreciation and Repairs and Maintenance together.
- Errors of Principle will affect Trial Balance.
- Heavy expenditure incurred on advertisement at the time of introducing a new product is a Deferred Revenue Expenditure.
- When we buy furniture on cash, we debit Cash Account.
- Rectification of mistake is necessary to tally the Trial Balance.
- The rule of Gamer vs Muray is applied in settling the customer dues. ...
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