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16. How would you classify the ‘wages paid for the construction of building’?
Revenue Receipt
Revenue Expenditure
Capital Expenditure
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17. Which of the following best describes a trial balance?
It shows the profit or loss of the organization
It is a list of balances of ledger accounts
Shows the financial position of a business
It is a Ledger Account
18. Contingent liabilities are those and are shown under.
Which are never payable and shown outside the balance sheet
Which may or may not arise and shown liabilities side of the balance sheet
Which crystallize at the time of liquidation of a company and shown in the asset side of the balance sheet
Which may or may not arise and shown outside of the balance sheet
19. Which of the following is a Capital Expenditure?
Purchase of raw material
Purchase of machinery
Interest on loan
Depreciation on machinery
20. How would you journalise the depreciation charged on the asset?
Debiting cash account and crediting depreciation account.
Debiting depreciation account and crediting cash account.
Debiting depreciation account and crediting asset account.
Debiting cash account and crediting asset account
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