Description : Fixed assets are held by business for _____ a) Converting into cash b) Generating revenue c) Resale d) None of the above
Last Answer : b) Generating revenue
Description : Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.
Last Answer : B. Wages paid for the erection of plant and machinery.
Description : Which of the following is most likely to require special planning considerations related to asset valuation? a. Accelerated depreciation methods are used for amortizing the costs of factory equipment. b. ... even when the expected life exceeds one year. d. Inventory is comprised of diamond rings.
Last Answer : Inventory is comprised of diamond rings.
Description : If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c
Last Answer : c) Dr Motor Car A/c & Cr Purchases A/c
Description : Wholesaling is best defined as 1. all transactions in which products are bought for resale, for making other products, or for general business operations 2. all transactions made at retail ... 4. all marketing activities necessary to expedite exchanges to ultimate consumers 5. none of these
Last Answer : all transactions in which products are bought for resale, for making other products, or for general business operations
Description : Wholesaling is best defined as A)all transactions in which products are bought for resale, for making other products, or for general business operations. B)all transactions made at retail ... of other goods only. D)all marketing activities necessary to expedite exchanges to ultimate consumers.
Last Answer : A)all transactions in which products are bought for resale, for making other products, or for general business operations
Description : A specialty product 1. requires minimal effort to purchase 2. is purchased frequently 3. requires purchase planning, and the buyer will not accept substitutes 4. is generally less expensive ... items in the same product class 5. prompts the purchaser to make comparisons among alternatives
Last Answer : requires purchase planning, and the buyer will not accept substitutes
Description : A specialty product A)requires minimal effort to purchase. B)is purchased frequently. C)requires purchase planning, and the buyer will not accept substitutes. D)is generally less expensive than ... items in the same product class. E)prompts the purchaser to make comparisons among alternatives.
Last Answer : C)requires purchase planning, and the buyer will not accept substitutes.
Description : A sales invoice is a source document that a. provides support for goods purchased for resale. b. provides evidence of incurred operating expenses. c. provides evidence of credit sales. d. serves only as a customer receipt.
Last Answer : c. provides evidence of credit sales.
Description : Certain characteristics or circumstances may increase the susceptibility of assets to misappropriation. Opportunities to misappropriate assets increase due to the following except: a. Inventory items that ... which are small in size, marketable, or lacking observable identification of ownership.
Last Answer : Certain characteristics or circumstances may increase the susceptibility of assets to misappropriation. Opportunities to misappropriate assets increase due to the following except: a. Inventory items that ... which are small in size, marketable, or lacking observable identification of ownership.
Description : Fixed assets, inventories and investments in Equity shares are examples of ____________ items.
Last Answer : Non-monetary,
Description : Monetary items _________ (a) Are assets and liabilities to be received or paid in money (b) Are assets to be received in fixed or determinable amounts of money (c) Are money held and assets and ... to be received or paid in fixed or determinable amounts of money (d) None of the above
Last Answer : Are money held and assets and liabilities to be received or paid in fixed or determinable amounts of money
Description : AS -10 (Accounting Standard on Fixed Assets) does not deal with accounting for the following items to which special considerations apply A. Forests, plantations and similar regenerative natural ... resources C. Expenditure on real estate development and livestock D. None of the above
Last Answer : D. None of the above
Description : Which of these items are excluded in the computation of National Income under value added method? (a) Own acquired fixed assets by the Government enterprises, Govt. and household; (b) Production for self-consumption ; (c) Imputed rent for own occupied house ; (d) All the three
Last Answer : (d) All the three
Description : Consider the following statements: Wheeled tractors are replacing crawler tractors because 1. Wheeled tractors travel faster. 2. Crawler tractors are more expensive. 3. Track parts of a crawler wear out quickly. 4. ... 4 are correct (C) 1, 2 and 3 are correct (D) 1, 2 and 4 are correct
Last Answer : (C) 1, 2 and 3 are correct
Description : List A in statement of affairs gives in the list of a) Assets specifically pledged b) Assets not specifically pledged c) Preferential creditors d) Unsecured creditors
Last Answer : b) Assets not specifically pledged
Description : Surplus , if any , from the creditors having been secured on the assets specially pledged , is added to the estimated realisable value of the assets not specifically pledged.
Last Answer : TRUE
Description : Which of the following is not deferred revenue expenditure? A. Heavy advertisement expenditure. B. Expenses incurred in removing the business to more convenient premises. C. Preliminary expenses. D. Depreciation on fixed assets.
Last Answer : D. Depreciation on fixed assets.
Description : The assets of a business can be classified as A. Only fixed assets B. Only current assets C. Fixed and current assets D. None of the above
Last Answer : C. Fixed and current assets
Description : An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills accepted for Rs.800000/-What would be the effect on the total asset and total liabilities in the ... and liabilities increased by Rs.800000 D] Assets increased by Rs.800000 and liabilities increased by Rs.800000
Last Answer : D] Assets increased by Rs.800000 and liabilities increased by Rs.800000
Description : Identify the incorrect statement in connection with working capital management. A. Long-term funds are more expensive than short-term funds but also riskier B. The objectives of ... fluctuating current assets E. Aggressive financing policies increase profitability at the cost of higher risk
Last Answer : A. Long-term funds are more expensive than short-term funds but also riskier
Description : If you have it you can have a happy life. It is invisible. It flows between people like an energy. You might call it a commodity. Without it, you quickly find enemies. It can't be bought. What is it? -Riddles
Last Answer : Effort.
Description : Pricing cues such as sale signs and prices that end in 9 become more influential when ________. A. Consumer price knowledge is poor B. Items are purchased frequently C. Items have been on the market a long time D. Prices are consistent year-round E. They are employed frequently
Last Answer : A. Consumer price knowledge is poor
Description : (i) An article or a commodity which is purchase for resale in business is called __________
Last Answer : Complete the following sentence : (i) An article or a commodity which is purchase for ... provides standard of accounting in India called _________
Description : Retailing is BEST characterised or define A)as transactions in which the buyer intends to consume the product through personal,family, or household use. B)by arrangements whereby a supplier grants a ... business operations. D)by exchanges that take place only in a store or service establishment.
Last Answer : A)as transactions in which the buyer intends to consume the product through personal,family, or household use.
Description : As the production manager of an engineering firm, you went out and bought a metal cutting machine. What you have purchased can best be classified as A)raw material. B)a processed component. C)a component part. D)a service. E)an industrial product.
Last Answer : E)an industrial product.
Description : Most expensive thing you have bought in your life?
Last Answer : My car was the most expensive thing I have ever bought in my life. Sure it was an expensive item. But I realised it is a necessity and not a luxury and especially where I come from without a car its ... God for the ability accorded me to buy a car it has truly helped me and my children big time.
Description : Who recently bought Kinetic assets worth 20% stake? And for how much?
Last Answer : answer:Hey, maybe you can check here: http://in.answers.yahoo.com/question/index?qid[equal]20080731044125AAwi2LI or here: http://wiki.answers.com/Q/ ... //qna.rediff.com/Main.php?do[equal]getanswer&catid[equal]28&questid[equal]10104190 Spammer.
Description : Permanent working capital A. varies with seasonal needs B. includes fixed assets C. is the amount of current assets required to meet a firm's long-term minimum needs D. includes accounts
Last Answer : C. is the amount of current assets required to meet a firm's long-term minimum needs
Description : Which of the following statements relating to working capital financing is not correct? A. An aggressive policy uses long-term debt to finance fluctuating current assets B. Long-term debt ... . The matching principle indicates that fluctuating current assets should be financed by short-term debt
Last Answer : A. An aggressive policy uses long-term debt to finance fluctuating current assets
Description : Which of the following statements is correct for a conservative financing policy for a firm relative to a former aggressive policy? A. The firm uses long-term financing to finance all fixed and current ... its risk profile. D. The firm will increase its dividends per share (DPS) this period.
Last Answer : B. The firm will see an increase in its expected profits.
Description : Which one of the following is an example of sources of funds? A. Decrease in share capital B. Increase in long-term liabilities C. Decrease in long-term liabilities D. Increase in fixed assets
Last Answer : B. Increase in long-term liabilities
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
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
Description : ___________ items are assets and liabilities other than monetary items.
Description : Monetary items are defined by AS 11 as assets and liabilities other than non-monetary items.
Last Answer : FALSE
Description : What three items are normal if purchased separately but suspect when purchased together?
Last Answer : [deleted]
Description : What if any great items have you purchased at a dollar store?
Last Answer : A wind-up Kangaroo.
Description : What have you recently purchased (small items) that you feel was worth the money?
Last Answer : I’ll be sending out webcams to my family members who have yet to tap into the world of Skype. Good ones can be had for under $25.00 and even decent ones at half that.
Description : What's the oddest combination of items you've seen purchased together?
Last Answer : Once I bought booze, chocolate syrup, and several disposable cameras. I rather enjoyed the look on the cashier’s face.
Description : How do you permanently delete items in the Itunes Download queue? I purchased a TV series and it gave me two of every show (one HD and one normal).
Last Answer : I honestly think you haveto just let it download and then delete it. I went through the same thing. I downloaded them while I was sleeping so it didn’t slow me down at all.
Description : A robber came into my store and stole $100 from the register without my knowledge. A few minutes later, the same guy came back with the $100 he stole and purchased $70 worth of items and I gave him $30 in change. How much money did I lose? -Riddles
Last Answer : I lost $100
Description : Will I have to declare items to customs that I have purchased in several countries while I travelled when I return home?
Last Answer : Each country has different rules. If in doubt ALWAYS declarestuff to customs, if you are within the rules then you will not becharged and if you are over limit you will only be charged what isdue. However, if you do not declare and are over limit you will beheavily penalised if they stop you.
Description : Items that are purchased routinely, do not become part of the final physical product, and are treated like expense items rather than capital goods are called 1. raw materials 2. major equipment 3. accessory equipment 4. component part 5. process materials
Last Answer : accessory equipment
Description : For routinely purchased items, buyers are frequently the : 1. Users 2. Influencers 3. Deciders 4. Gatekeepers 5. None of these
Last Answer : Deciders
Description : Items that are purchased routinely, do not become part of the final physical product, and are treated like expense items rather than capital goods are called A)raw materials. B)major equipment. C)accessory equipment. D)component parts. E)process materials.
Last Answer : C)accessory equipment.
Description : For routinely purchased items, buyers are frequently the: A)users B)influencers C)deciders D)gatekeepers
Last Answer : C)deciders
Description : In the process of buying routinely purchased items, buyers are sometimes also the A)deciders. B)gatekeepers. C)users. D)influencers. E)informers.
Last Answer : A)deciders.
Description : Bonus shares can be issued by a company A. Out of the Reserves created by revaluation of fixed assets B. Out of share premium not collected in cash C. Without any provision for it in the Articles of Association of the company D. Out of free reserves built out of genuine profit
Last Answer : D. Out of free reserves built out of genuine profit
Description : Mithun went to a shop and bought things worth Rs. 75, out of which 90 Paise went on sales tax on taxable purchases. If the tax rate was 18%, then what was the cost of the tax free items? a) 12.5 b) 69.80 c) 19.7 d) 34.5 e) 69.1
Last Answer : Answer: E Total cost of the items he purchased = Rs.75 Given that out of this Rs.75, 90 Paise is given as tax => Total tax incurred = 90 Paise = Rs.90/100 Let the cost of the tax free items = x Given that tax rate = ... −0.9 −x) = 90 ⇒ (75 − 0.9 − x) = 5 x = 75 − 0.9 - 5 X=69.1