Which of the below mentioned statement is correct?
a. False: The nature of business is a very important criteria in separating an expenditure between capital and revenue. For example- For a trader dealing in furniture, purchase of furniture is revenue expenditure but for any other trade, the purchase of furniture should be treated as capital expenditure and shown in the balance sheet as asset.. b. False: Expenditure incurred for major repair of the asset so as to increase its productive capacity is capital in nature. c. False: Legal expenses incurred to defend a suit claiming that the firm's factory site belongs to the plaintiff is maintenance expenditure of the asset. By this expense, neither any endurable benefit can be obtained in future in addition to that what is presently available nor the capacity of the asset will be increased. Maintenance expenditure in relation to an asset is revenue expenditure. d. False: Amount spent for replacement of any worn-out part of a machine is revenue expense since it is part of its maintenance cost. e. True: Since temporary huts were necessary for the construction, their cost should be added to the cost of the cinema hall and thus capitalized.
When was the first education policy implemented?
Lord Curzon introduced the Indian Universities Act in which year?
In the following questions, there are two statements. One is labelled as Assertion (A) and other is labelled as Reason (R):
Assertion (A): The co...
Who is the Chairman of CBDT whose tenure has been extended recently?
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Consider the following statements regarding Badis species:
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2. It is called a Cham...
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Apis Karinjodian has been discovered in the Western Ghats, belongs to which of the following?
Among the following G20 countries, which is the highest performer in Climate Change Performance Index (CCPI) 2023?