At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is A) Transferred to Depreciation Account B) Transferred to the Asset Account C) Transferred to Profit and Loss Account D) Simply deducted from the asset in the Balance Sheet

At the balance sheet date, the balance on the Accumulated Provision for Depreciation Account is A) Transferred to Depreciation Account B) Transferred to the Asset Account C) Transferred to Profit and Loss Account D) Simply deducted from the asset in the Balance Sheet
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Answer: D
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The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs. 50,000 and Rs. 65,000. If taxed paid during the current year amounted to Rs. 70,000 then amount charge from Profit and Loss Account will be: (a) Rs. 55,000 (b) Rs. 85,000 (c) Rs. 45,000 (d) Rs. 1,85,000

Description : The summarized balance sheet of Rakesh udyog Limited shows the balances of previous and current year of provision for taxation Rs. 50,000 and Rs. 65,000. If taxed paid during the current year amounted to Rs. 70,000 then amount charge ... a) Rs. 55,000 (b) Rs. 85,000 (c) Rs. 45,000 (d) Rs. 1,85,000

Last Answer : (b) Rs. 85,000

Ashwin purchased a second hand machine for Rs.1 lakh. Over the first year after its purchase. He incurred an expense of Rs.20000 in maintaining it. At the end of the first year he sold it for Rs.80000. Find his profit/loss percentage. If 25% of the total cost price (i.e., purchased price + expenses) is to be deducted on account of depreciation. a)12.5% profit b)12.5% loss c)11 1/9% profit d)11 1/9% loss

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Last Answer : d)11 1/9% loss 

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Last Answer : C. Its instrument in government securities Explanation: Bank assets comprises cash, money at short notice, bills and securities discounted, bank‘s investments in government securities, loans sanctioned by the bank.

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Last Answer : Answer: Presented both in the Profit and Loss statement and in the balance sheet

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Last Answer : c) Current ratio

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Last Answer : c)Trading account Profit and Loss account

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An auditor should design a written audit program so that: a. All material transactions will be selected for substantive testing. b. Substantive tests prior to the balance sheet date will be minimized. c. The audit procedures selected will achieve specific audit objectives. d. Each account balance will be tested under either tests of controls or tests of transactions

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Last Answer : The audit procedures selected will achieve specific audit objectives

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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.

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

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 balance sheet? A] Assets increased by Rs.800000 and liabilities decreased by Rs.800000 B] Assets decreased by Rs.800000 and liabilities increased by Rs.800000 C] Assets increased by Rs.1000000 and liabilities increased by Rs.800000 D] Assets increased by Rs.800000 and liabilities increased by Rs.800000

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Last Answer : C. Decrease in net profit

Goodwill arising on amalgamation is to be A. Retained in the books of the transferee company B. Amortised to income on a systematic basis normally five years C. Adjusted against reserves or profit and loss account balance D. All of the above

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Last Answer : B. Amortised to income on a systematic basis normally five years

If a trial balance totals do not agree, the difference must be entered in A) The Profit and Loss Account B) A Nominal Account C) The Capital Account D) A Suspense Account

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Last Answer : Answer: D

Provision for Income Tax is _____ A. Debited to P & L Appropriation A/c B. Debited to Profit and Loss A/c C. Debited to Treading A/c D. Credited to P & L Appropriation a/c

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Last Answer : B. Debited to Profit and Loss A/c

From the salary of pooja , 40% is deducted as house rent, 20% of rest she spends on children's education and 40% of balance she spends on watching movies. If her savings are Rs.5760/- then hers total salary is: a) 20000 b) 30060 c) 45000 d) 47000 e) 98000

Description : From the salary of pooja , 40% is deducted as house rent, 20% of rest she spends on children's education and 40% of balance she spends on watching movies. If her savings are Rs.5760/- then hers total salary is: a) 20000 b) 30060 c) 45000 d) 47000 e) 98000 

Last Answer : Answer: A Formula: First value = last value×100/(100-p1)×100/(100-p2)× 100/(100-p3) (p=percentage) First value = 5760×100/(100 – 40)×100/(100 – 20)×100/(100 - 40 )  = 5760 × 100/60× 100/80× 100/60  = 5760 × 5/3 × 5/4 × 5/3  = 5760 ×125/36  = 720000/36  = 20000