Goodwill, Copyright and Trademarks should be classified as– (A) Tangible assets (B) Intangible assets (C) Current assets (D) Fictitious assets

Goodwill, Copyright and Trademarks should be classified as– (A) Tangible assets (B) Intangible assets (C) Current assets (D) Fictitious assets  
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Answer: Intangible assets
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Copyrights, Patents and Trademarks are, A) Current assets B) Fixed assets C) Intangible assets D) Investments

Description : Copyrights, Patents and Trademarks are, A) Current assets B) Fixed assets C) Intangible assets D) Investments

Last Answer : Answer: C 

On the admission of a partner, fictitious assets are– (A) Transferred to Revaluation Account (B) Transferred to Capital Account (C) Transferred to Reserves (D) Shown in the new Balance Sheet

Description : On the admission of a partner, fictitious assets are– (A) Transferred to Revaluation Account (B) Transferred to Capital Account (C) Transferred to Reserves (D) Shown in the new Balance Sheet

Last Answer : Answer: Transferred to Revaluation Account

Goodwill is an ______ asset. A Intangible B Tangible C Asset D Liability

Description : Goodwill is an ______ asset. A Intangible B Tangible C Asset D Liability

Last Answer : Intangible

Which from the following is NOT a tangible element? (A) Fixtures (B) Trademarks (C) Monetary assets (D) Stockholder equity

Description : Which from the following is NOT a tangible element? (A) Fixtures (B) Trademarks (C) Monetary assets (D) Stockholder equity

Last Answer : (B) Trademarks

Which of the following assets are dealt with by AS - 10 (Accounting Standard on Fixed Assets)? A. Land, building, plant and machinery, vehicles, furniture and fittings B. Goodwill and patents C. Trademarks and designs D. All of the above

Description : Which of the following assets are dealt with by AS - 10 (Accounting Standard on Fixed Assets)? A. Land, building, plant and machinery, vehicles, furniture and fittings B. Goodwill and patents C. Trademarks and designs D. All of the above

Last Answer : D. All of the above

Accounting for Intangible Assets are related to– (A) AS - 10 (B) AS - 12 (C) AS - 24 (D) AS - 26

Description : Accounting for Intangible Assets are related to– (A) AS - 10 (B) AS - 12 (C) AS - 24 (D) AS - 26

Last Answer : Answer: AS - 26

Stock is A. Included in the category of fixed assets B. Part of current assets C. Intangible D. Tangible

Description : Stock is A. Included in the category of fixed assets B. Part of current assets C. Intangible D. Tangible

Last Answer : B. Part of current assets

The following data, relates to manufacturing company for the year 2006-07– Net Profit as per P & L A/c–Rs. 2,40,000; Depreciation–Rs. 80,000; Goodwill written-off– Rs. 40,000, Profit on Sale of Fixed Assets–Rs. 16,000, Proposed Dividend–Rs. 96,000. The fund from operation would be– (A) Rs. 4,40,000 (B) Rs. 4,00,000 (C) Rs. 6,40,000 (D) None of the above

Description : The following data, relates to manufacturing company for the year 2006-07- Net Profit as per P & L A/c-Rs. 2,40,000; Depreciation-Rs. 80,000; Goodwill written-off- Rs. 40,000, Profit on Sale of Fixed Assets-Rs. 16,000, ... ) Rs. 4,40,000 (B) Rs. 4,00,000 (C) Rs. 6,40,000 (D) None of the above

Last Answer : Answer: None of the above

Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. c. tangible liabilities and intangible liabilities. d. current liabilities and long-term liabilities.

Description : Liabilities are generally classified on a balance sheet as a. small liabilities and large liabilities. b. present liabilities and future liabilities. c. tangible liabilities and intangible liabilities. d. current liabilities and long-term liabilities.

Last Answer : d. current liabilities and long-term liabilities.

Individuals hold their claims on real assets through ____________ in a well-developed economy. a) intangible assets b) tangible assets c) real estate d) financial assets

Description : Individuals hold their claims on real assets through ____________ in a well-developed economy. a) intangible assets b) tangible assets c) real estate d) financial assets

Last Answer : d) financial assets

intangible assets include each of the following except a. copyrights. b. goodwill. c. land improvements. d. patents.

Description : intangible assets include each of the following except a. copyrights. b. goodwill. c. land improvements. d. patents.

Last Answer : c. land improvements.

An intangible asset a. does not have physical substance, yet often is very valuable. b. is worthless because it has no physical substance. c. is converted into a tangible asset during the operating cycle. d. cannot be classified on the balance sheet because it lacks physical substance.

Description : An intangible asset a. does not have physical substance, yet often is very valuable. b. is worthless because it has no physical substance. c. is converted into a tangible asset during the operating cycle. d. cannot be classified on the balance sheet because it lacks physical substance.

Last Answer : a. does not have physical substance, yet often is very valuable.

Which of the list below does not form Intellectual Property? A. Trade marks. B. Patents. C. Tangible assets. D. Copyright.

Description : Which of the list below does not form Intellectual Property? A. Trade marks. B. Patents. C. Tangible assets. D. Copyright.

Last Answer : C. Tangible assets.

Which of the following is incorrect? a) Good will intangible asset b) Sundry debtors -current asset c) Loose tools tangible fixed asset d) Outstanding expenses -current asset.

Description : Which of the following is incorrect? a) Good will intangible asset b) Sundry debtors -current asset c) Loose tools tangible fixed asset d) Outstanding expenses -current asset.

Last Answer : d) Outstanding expenses -current asset.

If the goodwill raised at the time of retirement of a partner is to be written-off, then the capital accounts of the remaining partners are debited in– (A) New profit sharing ratio (B) Capital ratio (C) Old profit sharing ratio (D) Sacrificing ratio

Description : If the goodwill raised at the time of retirement of a partner is to be written-off, then the capital accounts of the remaining partners are debited in– (A) New profit sharing ratio (B) Capital ratio (C) Old profit sharing ratio (D) Sacrificing ratio

Last Answer : Answer: Old profit sharing ratio

Personal selling includes– (A) Selling (B) Services to the customers (C) Developing goodwill of the firm (D) All of the above

Description : Personal selling includes– (A) Selling (B) Services to the customers (C) Developing goodwill of the firm (D) All of the above

Last Answer : Answer: All of the above

If super profit is Rs. 4‚000 and normal rate of return is 8 per cent, the amount of goodwill will be– (A) Rs. 40‚000 (B) Rs. 50‚000 (C) Rs. 4‚00‚000 (D) Rs. 5‚000

Description : If super profit is Rs. 4‚000 and normal rate of return is 8 per cent, the amount of goodwill will be– (A) Rs. 40‚000 (B) Rs. 50‚000 (C) Rs. 4‚00‚000 (D) Rs. 5‚000

Last Answer : Answer: Rs. 50‚000

The rights of an author or artist with respect to his/her creation are governed by the law of a)Patent b)Copyright c)Trademarks d)Intellectual designs

Description : The rights of an author or artist with respect to his/her creation are governed by the law of a)Patent b)Copyright c)Trademarks d)Intellectual designs

Last Answer : b)Copyright

Which opinion is not correct? (A) Education is a subject of concurrent list of VII schedule of Constitution of India (B) University Grants Commission is a statutory body (C) Patent, inventions, design, copyright and trademarks are the subject of concurrent list (D) Indian Council of Social Science Research is a statutory body related to research in social sciences

Description : Which opinion is not correct? (A) Education is a subject of concurrent list of VII schedule of Constitution of India (B) University Grants Commission is a statutory body (C) Patent, inventions ... D) Indian Council of Social Science Research is a statutory body related to research in social sciences

Last Answer : Answer: C State Election Commission: The power of superintendence, direction and control of all elections to the local government bodies vest with the State Election Commissions as envisaged in Article 243K ... of elections to the office of the President of India and the Vice-President of India 

Which one of the following ratios is likely to be affected the most on account of price level changes ? (A) Current Ratio (B) Inventory Turnover Ratio (C) Debtors’ Turnover Ratio (D) Fixed Assets Turnover Ratio

Description : Which one of the following ratios is likely to be affected the most on account of price level changes ? (A) Current Ratio (B) Inventory Turnover Ratio (C) Debtors’ Turnover Ratio (D) Fixed Assets Turnover Ratio

Last Answer : Answer: Debtors’ Turnover Ratio

The current ratio is 3 : 2 and the amount of current liabilities is Rs. 40,000. What is the amount of current assets ? (A) Rs. 60,000 (B) Rs. 70,000 (C) Rs. 80,000 (D) Rs. 1,00,000

Description : The current ratio is 3 : 2 and the amount of current liabilities is Rs. 40,000. What is the amount of current assets ? (A) Rs. 60,000 (B) Rs. 70,000 (C) Rs. 80,000 (D) Rs. 1,00,000

Last Answer : Answer: Rs. 60,000

For the purpose of preparation of fund flow statement, fund means– (A) Total resources (B) Cash/bank balances (C) Current Assets (D) Working capital

Description : For the purpose of preparation of fund flow statement, fund means– (A) Total resources (B) Cash/bank balances (C) Current Assets (D) Working capital

Last Answer : Answer: Working capital

According to Balance Sheet equation concept, the capital will be– (A) Capital = Liabilities – Assets (B) Capital = Fixed Assets – Current Assests (C) Capital = Assets – Liabilities (D) Capital = Assets + Liabilities

Description : According to Balance Sheet equation concept, the capital will be– (A) Capital = Liabilities – Assets (B) Capital = Fixed Assets – Current Assests (C) Capital = Assets – Liabilities (D) Capital = Assets + Liabilities

Last Answer : Answer: Capital = Assets – Liabilities

How can you contribute to the preservation of intangible and tangible forms f culture?

Description : How can you contribute to the preservation of intangible and tangible forms f culture?

Last Answer : Need answer

Project Management focuses on _____ goals.(A) targeted (B) long-term (C) tangible (D) intangible

Description : Project Management focuses on _____ goals. (A) targeted (B) long-term (C) tangible (D) intangible

Last Answer : (A) targeted

Portfolio Management focuses on _____ goals. (A) targeted (B) long-term (C) tangible (D) intangible

Description : Portfolio Management focuses on _____ goals. (A) targeted (B) long-term (C) tangible (D) intangible

Last Answer : (B) long-term

Business Value = (A) Tangible Elements (B) Intangible Elements (C) Tangible Elements – Intangible Elements (D) Tangible Elements + Intangible Elements

Description : Business Value = (A) Tangible Elements (B) Intangible Elements (C) Tangible Elements – Intangible Elements (D) Tangible Elements + Intangible Elements

Last Answer : (D) Tangible Elements + Intangible Elements

. Business Value = (A) Tangible Elements (B) Intangible Elements (C) Tangible Elements – Intangible Elements (D) Tangible Elements + Intangible Elements

Description : . Business Value = (A) Tangible Elements (B) Intangible Elements (C) Tangible Elements – Intangible Elements (D) Tangible Elements + Intangible Elements

Last Answer : (D) Tangible Elements + Intangible Elements

Costs that are not directly related to the products or services of the project, but are indirectly related to performing the project. A. Intangible Costs B. Sunk Cost C. Tangible Costs D. Indirect Costs

Description : Costs that are not directly related to the products or services of the project, but are indirectly related to performing the project. A. Intangible Costs B. Sunk Cost C. Tangible Costs D. Indirect Costs

Last Answer : D. Indirect Costs

Which of the following accurately categorizes the Machines an Organization uses ? A. Tangible, Financial Resources B. Intangible, Financial Resources C. Tangible, Intellectual CapitalD. Tangible, Physical Resources

Description : Which of the following accurately categorizes the Machines an Organization uses ? A. Tangible, Financial Resources B. Intangible, Financial Resources C. Tangible, Intellectual Capital D. Tangible, Physical Resources

Last Answer : Tangible, Physical Resources

It is difficult to measure the morale of the sales team directly because 1. It is a tangible state 2. It is an intangible state 3. Employees hide the truth 4. All the above 5. None of these

Description : It is difficult to measure the morale of the sales team directly because 1. It is a tangible state 2. It is an intangible state 3. Employees hide the truth 4. All the above 5. None of these

Last Answer : It is an intangible state

It is difficult to measure the morale of the sales team directly because 1. It is a tangible state 2. It is an intangible state 3. Employees hide the truth 4. All of the above 5. None of the above

Description : It is difficult to measure the morale of the sales team directly because 1. It is a tangible state 2. It is an intangible state 3. Employees hide the truth 4. All of the above 5. None of the above

Last Answer : It is an intangible state

Many companies are moving to a new level in creating value for their customers. They are developing and deliveri are developing and delivering total customer experi ng total customer experiences. Whereas products are Whereas products are tangible tangible and services are intangible, experiences are _____. a. product quality b. memorable memorable c. unsought product d. internal marketing

Description : Many companies are moving to a new level in creating value for their customers. They are developing and deliveri are developing and delivering total customer experi ng total customer experiences. Whereas ... _____. a. product quality b. memorable memorable c. unsought product d. internal marketing

Last Answer : b. memorable memorable

Increased volume of sales is an example of ………….…. Benefit. Reduction of bad debts is an example of ……….. A) Tangible, Intangible B) Tangible, Tangible C) Intangible, Tangible D) Intangible, Intangible

Description : Increased volume of sales is an example of ………….…. Benefit. Reduction of bad debts is an example of ……….. A) Tangible, Intangible B) Tangible, Tangible C) Intangible, Tangible D) Intangible, Intangible

Last Answer : D) Intangible, Intangible

A Bank supplies products that fall primarily at which of the following points on the tangibility continuum? A) Totally tangible B) Tangibly dominant C) Neutral D) Intangibly dominant E) Totally intangible

Description : A Bank supplies products that fall primarily at which of the following points on the tangibility continuum? A) Totally tangible B) Tangibly dominant C) Neutral D) Intangibly dominant E) Totally intangible

Last Answer : D) Intangibly dominant

Trademarks and Patents - Protecting Assets?

Description : Trademarks and Patents - Protecting Assets?

Last Answer : Every business, whether it is a start up with a couple ofemployees or a multi-national corporation, should do everythingthey can to protect their intellectual property. This may meanprotecting ... toy for children. Whatever the invention is, patentingthat product or process gives the patent hold

When an incoming partner purchases his share from any one of the existing partners, then– (A) total assets of the firm do not change (B) total assets of the firm will be augmented to the extent of payment received from the new partner (C) total assets of the firm will be reduced to the extent of payment received from the new partner (D) change in total assets of the firm will depend upon the new profit sharing ratio of the partners

Description : When an incoming partner purchases his share from any one of the existing partners, then- (A) total assets of the firm do not change (B) total assets of the firm will be augmented to the extent ... ) change in total assets of the firm will depend upon the new profit sharing ratio of the partners

Last Answer : Answer: total assets of the firm do not change

Which among the following is the societal obligation of accounting ? (A) To ascertain profit correctly (B) To maintain the records of the assets and liabilities of organisation (C) To establish effective organizational control (D) To be helpful in correct tax assessment

Description : Which among the following is the societal obligation of accounting ? (A) To ascertain profit correctly (B) To maintain the records of the assets and liabilities of organisation (C) To establish effective organizational control (D) To be helpful in correct tax assessment

Last Answer : Answer: To be helpful in correct tax assessment

A limited company makes a net profit of Rs. 2,00,000 after writing off preliminary expenses amounting to Rs. 20,000 and providing for depreciation on assets amounting to Rs. 40,000 and gain of Rs. 10,000 on sale of a piece of machinery. What are the funds from operation ? (A) Rs. 2,00,000 (B) Rs. 2,40,000 (C) Rs. 2,50,000 (D) Rs. 2,60,000

Description : A limited company makes a net profit of Rs. 2,00,000 after writing off preliminary expenses amounting to Rs. 20,000 and providing for depreciation on assets amounting to Rs. 40,000 and gain of Rs. 10,000 on sale of a piece of ... 2,00,000 (B) Rs. 2,40,000 (C) Rs. 2,50,000 (D) Rs. 2,60,000

Last Answer : Answer: Rs. 2,50,000

The primary function of an office is– (A) Making, using and preserving records (B) Remunerating personnel (C) Carrying out management policies (D) Safeguarding organization’s assets

Description : The primary function of an office is– (A) Making, using and preserving records (B) Remunerating personnel (C) Carrying out management policies (D) Safeguarding organization’s assets

Last Answer : Answer: Making, using and preserving records

Which of the following is the Accounting equation ? (A) Capital = Assets – Liabilities (B) Capital = Assets + Liabilities (C) Assets = Liabilities – Capital (D) Liabilities = Assets – Capital

Description : Which of the following is the Accounting equation ? (A) Capital = Assets – Liabilities (B) Capital = Assets + Liabilities (C) Assets = Liabilities – Capital (D) Liabilities = Assets – Capital

Last Answer : Answer: Capital = Assets – Liabilities

Donations received for the special purpose will be taken to the– (A) Income and Expenditure Account (B) Assets side of the Balance Sheet (C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account

Description : Donations received for the special purpose will be taken to the– (A) Income and Expenditure Account (B) Assets side of the Balance Sheet (C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account

Last Answer : Answer: Liabilities side of the Balance Sheet

In common size Balance Sheet analysis we evaluate– (A) Increase or decrease over two years is analysed (B) Only increase over two years is analysed (C) Only decrease over two years is analysed (D) All assets and liabilities are expressed in terms of percentage of total

Description : In common size Balance Sheet analysis we evaluate– (A) Increase or decrease over two years is analysed (B) Only increase over two years is analysed (C) Only decrease over two years is analysed (D) All assets and liabilities are expressed in terms of percentage of total

Last Answer : Answer: All assets and liabilities are expressed in terms of percentage of total

Indian Accounting Standard – 28 is related to– (A) Accounting for taxes on income (B) Financial Reporting of Interests in Joint Venture (C) Impairment of Assets (D) Provisions, Contingent Liabilities and Contingent Assets

Description : Indian Accounting Standard – 28 is related to– (A) Accounting for taxes on income (B) Financial Reporting of Interests in Joint Venture (C) Impairment of Assets (D) Provisions, Contingent Liabilities and Contingent Assets

Last Answer : Answer: Impairment of Assets

Patents and copyrights fall under the category of 1. Current assets 2. Liquid assets 3. Intangible assets 4. Nominal assets 5. None of these

Description : Patents and copyrights fall under the category of 1. Current assets 2. Liquid assets 3. Intangible assets 4. Nominal assets 5. None of these

Last Answer : Intangible assets

Intangible assets are a. listed under current assets on the balance sheet. b. not listed on the balance sheet because they do not have physical substance. c. noncurrent resources. d. listed as a long-term investment on the balance sheet.

Description : Intangible assets are a. listed under current assets on the balance sheet. b. not listed on the balance sheet because they do not have physical substance. c. noncurrent resources. d. listed as a long-term investment on the balance sheet.

Last Answer : Intangible assets are a. listed under current assets on the balance sheet. b. not listed on the balance sheet because they do not have physical substance. c. noncurrent resources. d. listed as a long-term investment on the balance sheet.

The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as A) Current assets B) Fixed assets C) Intangible assets D) Investments

Description : The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as A) Current assets B) Fixed assets C) Intangible assets D) Investments

Last Answer : Answer: A

Long term assets having no physical existence but, possessing a value are called A) Intangible assets B) Fixed assets C) Current assets D) Investments

Description : Long term assets having no physical existence but, possessing a value are called A) Intangible assets B) Fixed assets C) Current assets D) Investments

Last Answer : Answer: A

In computing purchase consideration by ‘net asset method’ all assets including fictitious assets should be considered.

Description : In computing purchase consideration by ‘net asset method’ all assets including fictitious assets should be considered.

Last Answer : FALSE

Gross assets are Rs.1,01,000, fictitious assets Rs.350 are included in the gross assets. External liabilities are Rs.7,500. 6% prefer share capital is Rs.45,000. Equity capital is 4,500 equity shares of Rs.10 each fully paid. Average expected profit is Rs.8,500. Transfer to reserves is 10%. Pref. dividend is payable. NRR is 9%. The Net Asset Value Per share is A Rs.11 B Rs.10.70 C Rs.15 D Rs.20s

Description : Gross assets are Rs.1,01,000, fictitious assets Rs.350 are included in the gross assets. External liabilities are Rs.7,500. 6% prefer share capital is Rs.45,000. Equity capital is 4,500 equity shares of Rs.10 each fully ... . The Net Asset Value Per share is A Rs.11 B Rs.10.70 C Rs.15 D Rs.20

Last Answer : Rs.10.70