The asset, the amount of which can be realized within a period of one year are known as ---------------- a) Current liability b) Current asset c) Liquid liability d) Fixed asset

The asset, the amount of which can be realized within a period of one year are known as  ----------------
a) Current liability
b) Current asset
c) Liquid liability
d) Fixed asset
by

1 Answer

Answer :

b) Current asset
by

Related questions

he ratio of current asset to currnt liability is known as -------------- a) Liquid ratio b) Current ratio c) Absolute liquid ratio d) Turn over ratio

Description : he ratio of current asset to currnt liability is known as -------------- a) Liquid ratio b) Current ratio c) Absolute liquid ratio d) Turn over ratio

Last Answer : b) Current ratio

Stock and prepaid expanses are not included in ---------------- a) Current asset b) Fixed asset c) Current liability d) Quick asset

Description : Stock and prepaid expanses are not included in ---------------- a) Current asset b) Fixed asset c) Current liability d) Quick asset

Last Answer : d) Quick asset

Excess of current asset over current liability is known as ------------- a) Gross working capital b) Net working capital c) Average working capital d) None of these

Description : Excess of current asset over current liability is known as ------------- a) Gross working capital b) Net working capital c) Average working capital d) None of these

Last Answer : a) Gross working capital

___________ value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm‟s length transaction.

Description : ___________ value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm‟s length transaction.

Last Answer : Fair,

An appropriation of profit is --------------------- a) Current asset b) Non current asset c) Provision for taxation d) Non current liability

Description : An appropriation of profit is --------------------- a) Current asset b) Non current asset c) Provision for taxation d) Non current liability

Last Answer : c) Provision for taxation

Proposed dividend is a-------- a) Current liability b) Current asset c) Noncurrent liability d) Expense

Description : Proposed dividend is a-------- a) Current liability b) Current asset c) Noncurrent liability d) Expense

Last Answer : a) Current liability

The closing entry process consists of closing a. all asset and liability accounts. b. out the retained earnings account. c. all permanent accounts. d. all temporary accounts.

Description : The closing entry process consists of closing a. all asset and liability accounts. b. out the retained earnings account. c. all permanent accounts. d. all temporary accounts.

Last Answer : d. all temporary accounts.

Exchange rate is the rate at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Description : Exchange rate is the rate at which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm’s length transaction.

Last Answer : FALSE

A current asset is a. the last asset purchased by a business. b. an asset which is currently being used to produce a product or service. c. usually found as a separate classification in the income statement. d. an asset that a company expects to convert to cash or use up within one year.

Description : A current asset is a. the last asset purchased by a business. b. an asset which is currently being used to produce a product or service. c. usually found as a separate classification in the income statement. d. an asset that a company expects to convert to cash or use up within one year.

Last Answer : d. an asset that a company expects to convert to cash or use up within one year.

Working capital is expressed as------ a) Current asset-fixed asset b) Fixed assets-current liabilities c) Current assets-current liabilities d) None of these

Description : Working capital is expressed as------ a) Current asset-fixed asset b) Fixed assets-current liabilities c) Current assets-current liabilities d) None of these

Last Answer : c) Current assets-current liabilities

Proprietary ratio measures the relationship between share holder fund and ------------------ a) Total asset b) Fixed asset c) Current asset d) Fictious asset

Description : Proprietary ratio measures the relationship between share holder fund and ------------------ a) Total asset b) Fixed asset c) Current asset d) Fictious asset

Last Answer : a) Total asset

An example of Balance Sheet ratio is --------------- a) Net profit ratio b) Inventory turn over ratio c) Current ratio d) Fixed asset turn over ratio

Description : An example of Balance Sheet ratio is --------------- a) Net profit ratio b) Inventory turn over ratio c) Current ratio d) Fixed asset turn over ratio

Last Answer : c) Current ratio

The ratio of liquid asset to current liabilities a) Quick ratio b) Current ratio c) Absolute liquid ratio d) Combined ratio

Description : The ratio of liquid asset to current liabilities a) Quick ratio b) Current ratio c) Absolute liquid ratio d) Combined ratio

Last Answer : a) Quick ratio

Accounting question: is it a fixed asset if multiple items total over $500?

Description : Accounting question: is it a fixed asset if multiple items total over $500?

Last Answer : The price is irrelevant to the definition of a fixed asset. The common definition is applicable to items not readily convertible to cash, such as your house or the new furnace in your house—things you are unlikely to buy or sell in a hock shop or yard sale.

Following is not a fixed asset - (A) Goodwill (B) Loose Tools (C) Copyright (D) Livestock

Description : Following is not a fixed asset - (A) Goodwill (B) Loose Tools (C) Copyright (D) Livestock

Last Answer : B) Loose Tools

Kirti Co’s Balance Sheet shows Fixed Asset Rs. 3,60,000. At the time of absorption calculation of Net Assets is 10% less than the market value, then market value of such fixed assets is ............ (A) Rs. 3,24,000 (B) Rs. 4,00,000 (C) Rs. 4,20,000 (D) None of these

Description : Kirti Co’s Balance Sheet shows Fixed Asset Rs. 3,60,000. At the time of absorption calculation of Net Assets is 10% less than the market value, then market value of such fixed assets is ............ (A) Rs. 3,24,000 (B) Rs. 4,00,000 (C) Rs. 4,20,000 (D) None of these

Last Answer : (B) Rs. 4,00,000

Which of the following is not an inflow of cash a) Sale of fixed asset b) Issue of debentures for cash c) Funds from operation d) Acquisition of assets

Description : Which of the following is not an inflow of cash a) Sale of fixed asset b) Issue of debentures for cash c) Funds from operation d) Acquisition of assets

Last Answer : d) Acquisition of assets

Purchase of fixed asset is classified as------activity a) financing b) investing c) operating d) others

Description : Purchase of fixed asset is classified as------activity a) financing b) investing c) operating d) others

Last Answer : Purchase of fixed asset is classified as------activity a) financing b) investing c) operating d) others

Inflow of fund does not take place due to---------------- a) Funds from operation b) Increase in capital c) Increase in working capital d) Sale of fixed asset

Description : Inflow of fund does not take place due to---------------- a) Funds from operation b) Increase in capital c) Increase in working capital d) Sale of fixed asset

Last Answer : b) Increase in capital

Net capital employed is equal to --------------- a) Total assets minus liabilities b) Fixed asset plus net working capital c) Total asset minus long-term liabilities d) Total assets

Description : Net capital employed is equal to --------------- a) Total assets minus liabilities b) Fixed asset plus net working capital c) Total asset minus long-term liabilities d) Total assets

Last Answer : b) Fixed asset plus net working capital

The relationship between total outside liabilities and total assets can be indicated through ------------ a) Fixed asset ratio b) Solvency ratio c) Fixed asset turn over ratio d) Proprietary ratio

Description : The relationship between total outside liabilities and total assets can be indicated through ------------ a) Fixed asset ratio b) Solvency ratio c) Fixed asset turn over ratio d) Proprietary ratio

Last Answer : b) Solvency ratio

The ratio which shows the relationship between borrowed funds and owners capital is --------------- a) Proprietary ratio b) Debt equity ratio c) Capital gearing ratio d) Fixed asset ratio

Description : The ratio which shows the relationship between borrowed funds and owners capital is --------------- a) Proprietary ratio b) Debt equity ratio c) Capital gearing ratio d) Fixed asset ratio

Last Answer : b) Debt equity ratio

The ratio that includes whether investment in inventory is efficiently used or not a) Inventory turnover ratio b) Working capital turn over ratio c) Fixed asset turn over ratio d) Activity ratio

Description : The ratio that includes whether investment in inventory is efficiently used or not a) Inventory turnover ratio b) Working capital turn over ratio c) Fixed asset turn over ratio d) Activity ratio

Last Answer : a) Inventory turnover ratio

The ratio that shows the relationship between fixed asset to share holders fund a) Fixed asset to net worth b) Fixed asset ratio c) Fixed assets turn over ratio d) Net worth ratio

Description : The ratio that shows the relationship between fixed asset to share holders fund a) Fixed asset to net worth b) Fixed asset ratio c) Fixed assets turn over ratio d) Net worth ratio

Last Answer : a) Fixed asset to net worth

The ratio which shows the relationship b/w share holder’s fund and total assets a) Debit equity ratio b) Proprietary ratio c) Solvency ratio d) Fixed asset

Description : The ratio which shows the relationship b/w share holder’s fund and total assets a) Debit equity ratio b) Proprietary ratio c) Solvency ratio d) Fixed asset

Last Answer : b) Proprietary ratio

A firm’s investment in current asset is known as ---------------- a) Net working capital b) Gross working capital c) Average working capital d) None of these

Description : A firm’s investment in current asset is known as ---------------- a) Net working capital b) Gross working capital c) Average working capital d) None of these

Last Answer : b) Gross working capital

Current assets are Rs.6,00,000 current liabilities are Rs.3,00,000 the debtors realized Rs.40,000, the impact on net working capital would be------------------------- a) No change in working capital b) Decrease of working capital by Rs.80,000 c) Increase of working capital by Rs.40,000 d) None of these

Description : Current assets are Rs.6,00,000 current liabilities are Rs.3,00,000 the debtors realized Rs.40,000, the impact on net working capital would be------------------------- a) No change in working ... Decrease of working capital by Rs.80,000 c) Increase of working capital by Rs.40,000 d) None of these

Last Answer : a) No change in working capital

Amount of calls in advance is treated as a) Secured creditor b) Preferential creditor c) Asset not specifically pledged d) Unsecured creditor

Description : Amount of calls in advance is treated as a) Secured creditor b) Preferential creditor c) Asset not specifically pledged d) Unsecured creditor

Last Answer : b) Preferential creditor

Hale Company sells merchandise on account for $1,500 to Kear Company with credit terms of 2/10, n/30. Kear Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? a. $1,470 b. $1,476 c. $1,200 d. $1,176

Description : Hale Company sells merchandise on account for $1,500 to Kear Company with credit terms of 2/10, n/30. Kear Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount ... is the amount of the check? a. $1,470 b. $1,476 c. $1,200 d. $1,176

Last Answer : d. $1,176

Holt Company sells merchandise on account for $2,000 to Jones Company with credit terms of 2/10, n/30. Jones Company returns $400 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check? a. $1,960 b. $1,968 c. $1,600 d. $1,568

Description : Holt Company sells merchandise on account for $2,000 to Jones Company with credit terms of 2/10, n/30. Jones Company returns $400 of merchandise that was damaged, along with a check to settle the account within the discount ... the amount of the check? a. $1,960 b. $1,968 c. $1,600 d. $1,568

Last Answer : d. $1,568

In a perpetual inventory system, the amount of the discount allowed for paying for merchandise purchased within the discount period is credited to a. Merchandise Inventory. b. Purchase Discounts. c. Purchase Allowance.

Description : In a perpetual inventory system, the amount of the discount allowed for paying for merchandise purchased within the discount period is credited to a. Merchandise Inventory. b. Purchase Discounts. c. Purchase Allowance.

Last Answer : a. Merchandise Inventory.

Which of the following is a non-current liability a) Mortgage loan b) Bank balance c) Outstanding salary d) None of these

Description : Which of the following is a non-current liability a) Mortgage loan b) Bank balance c) Outstanding salary d) None of these

Last Answer : a) Mortgage loan

If the current assets and working capital of a company are rs.80,000 and rs.50000 then current liability will be------------- a) Rs.1,00,000 b) Rs.1,30,000 c) Rs.70000 d) Rs.30000

Description : If the current assets and working capital of a company are rs.80,000 and rs.50000 then current liability will be------------- a) Rs.1,00,000 b) Rs.1,30,000 c) Rs.70000 d) Rs.30000

Last Answer : d) Rs.30000

Income tax payable come under ------------------ a) Long term liability b) Long term fund c) Current liability d) Other liabilities

Description : Income tax payable come under ------------------ a) Long term liability b) Long term fund c) Current liability d) Other liabilities

Last Answer : c) Current liability

On a classified balance sheet, merchandise inventory is classified as a. an intangible asset. b. property, plant, and equipment. c. a current asset. d. a long-term investment.

Description : On a classified balance sheet, merchandise inventory is classified as a. an intangible asset. b. property, plant, and equipment. c. a current asset. d. a long-term investment.

Last Answer : c. a current asset.

Office Equipment is classified in the balance sheet as a. a current asset. b. property, plant, and equipment. c. an intangible asset. d. a long-term investment.

Description : Office Equipment is classified in the balance sheet as a. a current asset. b. property, plant, and equipment. c. an intangible asset. d. a long-term investment.

Last Answer : b. property, plant, and equipment.

Cash from operations is equal to------------------ a) net profit afer tax b) net profit plus increase in current asset c) net profit plus decrease in current liabilities d) net profit plus non-cash expenses plus decrease in current

Description : Cash from operations is equal to------------------ a) net profit afer tax b) net profit plus increase in current asset c) net profit plus decrease in current liabilities d) net profit plus non-cash expenses plus decrease in current

Last Answer : d) net profit plus non-cash expenses plus decrease in current

Current liabilities are equals to------------------------------- a) Working capital +current assets b) Working capital-current assets c) Current assets-working capital d) Current asset + working capital

Description : Current liabilities are equals to------------------------------- a) Working capital +current assets b) Working capital-current assets c) Current assets-working capital d) Current asset + working capital

Last Answer : c) Current assets-working capital

Which of the following is non-current asset a) Goodwill b) Debtors c) Stock d) Prepaid rent

Description : Which of the following is non-current asset a) Goodwill b) Debtors c) Stock d) Prepaid rent

Last Answer : a) Goodwill

Any gain on sale of non-current asset should be ----- from the net profit for determining funds from operation a) Deducted b) Added c) Increased d) None of these

Description : Any gain on sale of non-current asset should be ----- from the net profit for determining funds from operation a) Deducted b) Added c) Increased d) None of these

Last Answer : a) Deducted

If a customer agrees to retain merchandise that is defective because the seller is willing to reduce the selling price, this transaction is known as a sales a. discount. b. return. c. contra asset. d. allowance.

Description : If a customer agrees to retain merchandise that is defective because the seller is willing to reduce the selling price, this transaction is known as a sales a. discount. b. return. c. contra asset. d. allowance.

Last Answer : b. return.

A company manufactures a single product for which cost and selling price data are as follows: Selling price per unit - Rs. 12 Variable cost per unit - Rs. 8 Fixed cost for a period - Rs. 98,000 Budgeted sales for a period - 30,000 units

Description : A company manufactures a single product for which cost and selling price data are as follows: Selling price per unit - Rs. 12 Variable cost per unit - Rs. 8 Fixed cost for a period - Rs. 98,000 Budgeted sales for a period - 30,000 units

Last Answer : (a) 20%

3. S produces and sells one product, P, for which the data are as follows: Selling price Rs 28 Variable cost Rs 16 Fixed cost Rs 4 The fixed costs are based on a budgeted production and sales level of 25,000 units for the next period(a) 10.1% decrease (b) 11.2% decrease (c) 13.3% decrease (d) 16.0% decrea

Description : 3. S produces and sells one product, P, for which the data are as follows: Selling price Rs 28 Variable cost Rs 16 Fixed cost Rs 4 The fixed costs are based on a budgeted production and sales level of 25 ... period(a) 10.1% decrease (b) 11.2% decrease (c) 13.3% decrease (d) 16.0% decrease

Last Answer : (a) 10.1% decrease

Fixed cost is a cost: (a) Which changes in total in proportion to changes in output (b) which is partly fixed and partly variable in relation to output (c) Which do not change in total during a given period despise changes in output (d) which remains same for each unit of output

Description : Fixed cost is a cost: (a) Which changes in total in proportion to changes in output (b) which is partly fixed and partly variable in relation to output (c) Which do not change in total during a given period despise changes in output (d) which remains same for each unit of output

Last Answer : (c) Which do not change in total during a given period despise changes in output

LLP is governed by a) Partnership Act , 1932 b) Companies Act , 1956 c) Limited Liability Partnership Act , 2008 d) Companies Act , 2013

Description : LLP is governed by a) Partnership Act , 1932 b) Companies Act , 1956 c) Limited Liability Partnership Act , 2008 d) Companies Act , 2013

Last Answer : c) Limited Liability Partnership Act , 2008

At least of the designated partners of every limited liability partnership shall be a resident in India. a) One b) Two c) Three d) Seven

Description : At least of the designated partners of every limited liability partnership shall be a resident in India. a) One b) Two c) Three d) Seven

Last Answer : c) Three

Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh.

Description : Every partner of a limited liability partnership must have a minimum of Contribution of Rs. 1 Lakh.

Last Answer : FALSE

Every Limited Liability Partnership must have at least two partners but there is no maximum limit on the numbers of partners.

Description : Every Limited Liability Partnership must have at least two partners but there is no maximum limit on the numbers of partners.

Last Answer : TRUE

The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Description : The liability of each partner is limited to his agreed contribution in the Limited Liability Partnership.

Last Answer : TRUE

A LLP is a new form of legal business entity with unlimited liability.

Description : A LLP is a new form of legal business entity with unlimited liability.

Last Answer : FALSE