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| Q. |
Which of the following statements is true? |
| A. | Provision for doubtful debts represents the amount that cannot be collected |
| B. | The distinction between capital and revenue items is important because it is of fundamental importance to the determination of profits |
| C. | Goods lost by fire need not be accounted for since they are not sales |
| D. | Free samples received are business gains |
| Answer» B. The distinction between capital and revenue items is important because it is of fundamental importance to the determination of profits | |
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