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Define terms capital expenditure and revenue expenditure

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Q1. Define the following terms with relevant examples: a) Capital Expenditure b) Revenue Expenditure.

Q2. "The right classification of capital and revenue expenditure is very essential for the accuracy of financial statements". Comment.

Q3. "As long as total debits and total credits are equal, my accounts will be free of mistakes". Discuss briefly whether you agree with the statement.

Reference no: EM132995234

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