Expenditure incurred on purchase of fixed asset is ____________ 

Expenditure incurred on purchase of fixed asset is ____________ 
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Expenditure incurred on purchase of fixed asset is ____________ (a) Revenue Expenditure (b) ... Deferred Revenue Expenditure (d) None of these
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While Computing the actual cost of any asset falling within a block, direct cost attributable to bring the asset to its present location and working condition for its intended use(i.e. expenses incurred for acquiring the asset e.g. freight, insurance, etc.) a) Be added to the purchase price b) Be subtracted from the purchase price c) Be subtracted from WDV d) Be claimed as revenue expenditure

Description : While Computing the actual cost of any asset falling within a block, direct cost attributable to bring the asset to its present location and working condition for its intended use(i.e. expenses incurred ... from the purchase price c) Be subtracted from WDV d) Be claimed as revenue expenditure

Last Answer : b) Be subtracted from the purchase price

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.

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.

While computing the actual cost of any asset falling within a block, portion of cost of asset which has been met directly by the central government or a state government or any authority under any law or any other person, in the form of a subsidy or grant : a) Added to purchase price b) Subtracted from purchase price c) Added to WDV d) Claimed as Revenue Expenditure

Description : While computing the actual cost of any asset falling within a block, portion of cost of asset which has been met directly by the central government or a state government or any authority under any law ... price b) Subtracted from purchase price c) Added to WDV d) Claimed as Revenue Expenditure

Last Answer : b) Subtracted from purchase price

No Government Expenditure can be incurred in India except with the sanction of (1) the Parliament (2) the Prime Minister (3) the President (4) the Supreme Court

Description : No Government Expenditure can be incurred in India except with the sanction of (1) the Parliament (2) the Prime Minister (3) the President (4) the Supreme Court

Last Answer : (1) the Parliament Explanation: Legislative prerogative over taxation, legislative control over expenditure and executive initiative in financial matters are some of the fundamental principles of the system of ... year, cause to be laid before Parliament, Annual Financial Statement (article 112).

The system of monitoring and control is more effective when, along with the time- frame, there is the linkage between the physical work to be performed in each activity and the financial expenditure to be incurred. (True/False)

Description : The system of monitoring and control is more effective when, along with the time- frame, there is the linkage between the physical work to be performed in each activity and  the financial expenditure to be incurred. (True/False)

Last Answer : Ans. True

The government employee must submit his claim within -------- for reimbursement of the expenditure incurred on the Journey , if the advance has been drawn for availing LTC a. Three month b. Two month c. One month

Description : The government employee must submit his claim within -------- for reimbursement of the expenditure incurred on the Journey , if the advance has been drawn for availing LTC a. Three month b. Two month c. One month

Last Answer : c. One month

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.

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.

Expenditure incurred on exempted income is …………. as deduction. A) Fully Allowed B) Partly Allowed C) Not Allowed D) None of these

Description : Expenditure incurred on exempted income is …………. as deduction. A) Fully Allowed B) Partly Allowed C) Not Allowed D) None of these

Last Answer : C) Not Allowed

Increase in fixed asset due to purchase is– (A) Source of fund (B) Fund from operation (C) Use of fund (D) None of the above

Description : Increase in fixed asset due to purchase is– (A) Source of fund (B) Fund from operation (C) Use of fund (D) None of the above

Last Answer : Answer: Use of fund

When a fixed asset is bought as hire purchase, interest element is classified under ______ and loan element is classified under________. A. Operating activities, financing activities B. Financing activities, investing activities C. Investing activities, operating activities D. None of the above

Description : When a fixed asset is bought as hire purchase, interest element is classified under ______ and loan element is classified under________. A. Operating activities, financing activities B. ... activities, investing activities C. Investing activities, operating activities D. None of the above

Last Answer : B. Financing activities, investing activities

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

Under High and Low Point method, the output at two different levels is compared with the amount of __________ incurred at these two points. A. Total fixed costs B. Total costs C. Total fixed costs D. None of the above

Description : Under High and Low Point method, the output at two different levels is compared with the amount of __________ incurred at these two points. A. Total fixed costs B. Total costs C. Total fixed costs D. None of the above

Last Answer : B. Total costs

The expenses incurred on the setting up of the enterprise are called as _________. A. Cost of financing. B. Cost of promotion.. C. Cost of fixed assets. D. Cost of current assets.

Description : The expenses incurred on the setting up of the enterprise are called as _________. A. Cost of financing. B. Cost of promotion.. C. Cost of fixed assets. D. Cost of current assets.

Last Answer : B. Cost of promotion..

Which is appropriate description of Average Costs? a) The value of opportunities which have been lost by utilizing resources in particular service or health technology. b) The total costs (i.e. all the costs incurred in the delivery of a service) of a health care system divided by the units of production. c) Independent of the number of units of production and include heating, lighting and fixed staffing costs. d) The cost of the consumption of medicines is a good example of variable costs.

Description : Which is appropriate description of Average Costs? a) The value of opportunities which have been lost by utilizing resources in particular service or health technology. b) The total costs (i.e. all the ... costs. d) The cost of the consumption of medicines is a good example of variable costs.

Last Answer : b) The total costs (i.e. all the costs incurred in the delivery of a service) of a health care system divided by the units of production. 

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

Description : 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 ... account of depreciation. a)12.5% profit b)12.5% loss c)11 1/9% profit d)11 1/9% loss

Last Answer : d)11 1/9% loss 

Cost of inventories includes A. Direct Material + Direct Expenses B. Direct Labour + Direct Expenses C. All costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition D. Direct material only

Description : Cost of inventories includes A. Direct Material + Direct Expenses B. Direct Labour + Direct Expenses C. All costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition D. Direct material only

Last Answer : C. All costs of purchase, cost of conversion and other costs incurred in bringing the inventories to their present location and condition

The southern kingdom of China was not left with any alternative path to reach the Silk Route because ____________ 

Description : The southern kingdom of China was not left with any alternative path to reach the Silk Route because ____________ 

Last Answer : The southern kingdom of China was not left with any alternative path to reach the Silk Route because ... (d) the Silk Route was infested with robbers

The first kingdom of Sri Lanka established was known as ____________ 

Description : The first kingdom of Sri Lanka established was known as ____________ 

Last Answer : The first kingdom of Sri Lanka established was known as ____________ (a) Tambapanni (b) Sopara (c) Pulatthinagar (d) Srivijaya

Taxila was the capital of ____________ 

Description : Taxila was the capital of ____________ 

Last Answer : Taxila was the capital of ____________ (a) Greece (b) Gandhara mahajanapada (c) Egyptus (d) Jhelum

The logbook of the journey of Scylax is known as ____________ 

Description : The logbook of the journey of Scylax is known as ____________ 

Last Answer : The logbook of the journey of Scylax is known as ____________ (a) Periplus of the Erythrean sea ( ... of Scylax (d) Periplus of the Dead sea

The capital of the empire of Elam was ____________ 

Description : The capital of the empire of Elam was ____________ 

Last Answer : The capital of the empire of Elam was ____________ (a) Athens (b) Pars (c) Eretria (d) Susa

The gold coins issued by Daryush-I were known as ____________ 

Description : The gold coins issued by Daryush-I were known as ____________ 

Last Answer : The gold coins issued by Daryush-I were known as ____________ (a) Darik (b) Siglos (c) Tarik (d) Stater

The Atharvaveda contains information about ____________ 

Description : The Atharvaveda contains information about ____________ 

Last Answer : Choose the correct reason and complete the sentence: The Atharvaveda contains information about ____________ ... (d) The norms of statesmanship.

The Rigvedic culture is the culture of the ____________ 

Description : The Rigvedic culture is the culture of the ____________ 

Last Answer : Choose the correct reason and complete the sentence: The Rigvedic culture is the culture of the ... Post Vedic Period (d) Pre Vedic period

The chariot makers in the Vedic Period were known as ____________ 

Description : The chariot makers in the Vedic Period were known as ____________ 

Last Answer : The chariot makers in the Vedic Period were known as ____________ (a) Rathakara (b) Taksham (c) Kulal (d) Vaya

The verses in the Rigveda are known as ____________ 

Description : The verses in the Rigveda are known as ____________ 

Last Answer : The verses in the Rigveda are known as ____________ (a) Ruchas (b) Suktas (c) Mandala (d) Mantras

The texts of the four Vedas are known as the ____________ 

Description : The texts of the four Vedas are known as the ____________ 

Last Answer : The texts of the four Vedas are known as the ____________ (a) Aranyaka (b) Brahmanas (c) Samhitas (d) Upanishads

The Vedic society was organised into four classes known as ____________ 

Description : The Vedic society was organised into four classes known as ____________ 

Last Answer : The Vedic society was organised into four classes known as ____________ (a) Ashramas (b) Varnas (c) Javas (d) Mahajanapadas

The first neolithic villages in Egypt came into ____________ 

Description : The first neolithic villages in Egypt came into ____________ 

Last Answer : Choose the correct reason and complete the sentence: The first neolithic villages in Egypt came into ____________ ( ... .C.E (d) about 8000 B.C.E

The site of Mehrgarh is of great importance among ____________ 

Description : The site of Mehrgarh is of great importance among ____________ 

Last Answer : Choose the correct reason and complete the sentence: The site of Mehrgarh is of great importance ... wheat (d) Chalcolithic people of Maharashtra

Egypt got the name ‘Kemet’ ____________ 

Description : Egypt got the name ‘Kemet’ ____________ 

Last Answer : Choose the correct reason and complete the sentence: Egypt got the name Kemet' ____________ ... ) because of the decipherment of the Rosetta stone

Concept which provides a line between present and future is known as ____________ 

Description : Concept which provides a line between present and future is known as ____________ 

Last Answer : Concept which provides a line between present and future is known as ____________ (a) Going Concern ... (c) Accrual Concept (d) Entity Concept

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.

A non performing Asset in Banking Business means ________ A. A fixed asset of Bank is not been utilized B. A portion of deposits not been utilized C. A loan asset on which interest and/or instalments remain unchanged. D. All of the Above E. None of the Above

Description : A non performing Asset in Banking Business means ________ A. A fixed asset of Bank is not been utilized B. A portion of deposits not been utilized C. A loan asset on which interest and/or instalments remain unchanged. D. All of the Above E. None of the Above

Last Answer : C. A loan asset on which interest and/or instalments remain unchanged. Explanation: A nonperforming asset (NPA) refers to a classification for loans on the books of financial institutions that are in ... is classified as nonperforming when loan payments have not been made for a period of 90 days.

In declining balance method of depreciation calculation, the (A) Value of the asset decreases linearly with time (B) Annual cost of depreciation is same every year (C) Annual depreciation is the fixed percentage of the property value at the beginning of the particular year (D) None of these

Description : In declining balance method of depreciation calculation, the (A) Value of the asset decreases linearly with time (B) Annual cost of depreciation is same every year (C) Annual depreciation is the fixed percentage of the property value at the beginning of the particular year (D) None of these

Last Answer : (C) Annual depreciation is the fixed percentage of the property value at the beginning of the particular year

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

A perpetual bond does not have a fixed _________. a) interest rate b) maturity period c) duration d) underlying asset

Description : A perpetual bond does not have a fixed _________. a) interest rate b) maturity period c) duration d) underlying asset

Last Answer : b) maturity period

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.

Which of the following statement is correct? A. Fixed assets must always be shown at market value B. Book-keeping and accounting are different terms C. Owner's Equity = Assets + Liabilities D. Patents is an example of current asset

Description : Which of the following statement is correct? A. Fixed assets must always be shown at market value B. Book-keeping and accounting are different terms C. Owner's Equity = Assets + Liabilities D. Patents is an example of current asset

Last Answer : A. Fixed assets must always be shown at market value

Following is the application of fund A. Decrease in balance of Fixed Asset B. Decrease in working capital C. Decrease in net profit D. Decrease in preliminary expenses

Description : Following is the application of fund A. Decrease in balance of Fixed Asset B. Decrease in working capital C. Decrease in net profit D. Decrease in preliminary expenses

Last Answer : C. Decrease in net profit

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

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

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

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

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

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

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

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 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

Description : 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

Last Answer : b) Current asset