(i) Which accounting standard is followed for depreciation on fixed assets __________

(i) Which accounting standard is followed for depreciation on fixed assets __________
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Complete the following sentence : (i) Which accounting standard is followed for depreciation on fixed ... for a period of less than one year ______
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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

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 B. Wasting assets including material rights, expenditure on the exploration for and extraction of minerals, oil, natural gas and similar non-regenerative resources C. Expenditure on real estate development and livestock D. None of the above

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

A Firm is considering undertaking a project that would yield annual profits (after depreciation) of Rs 68,000 for 5 years. The initial outlay of the project would be Rs 800,000 and the project's assets would have a residual value of Rs 50,000 at the end of the project. What would be the accounting rate of return for this project? A 16% B 8.5% C 8.0% D 9.1%

Description : A Firm is considering undertaking a project that would yield annual profits (after  depreciation) of Rs 68,000 for 5 years. The initial outlay of the project would be Rs  800,000 and the project's assets would have ... accounting rate of return for this project?  A 16%  B 8.5%  C 8.0%  D 9.1%

Last Answer : A 16%

Consistency with reference to application of accounting procedures means a) All companies in the same Industry should use identical accounting procedures b) Income & assets have not been overstated c)Accounting methods & procedures shall be followed uniform basis year after year d) Any accounting method can be followed as per convenience

Description : Consistency with reference to application of accounting procedures means a) All companies in the same Industry should use identical accounting procedures b) Income & assets have not been overstated c ... uniform basis year after year d) Any accounting method can be followed as per convenience

Last Answer : c)Accounting methods & procedures shall be followed uniform basis year after year

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

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.

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

Depreciation is always charged on __________ assets. 

Description : Depreciation is always charged on __________ assets. 

Last Answer : Depreciation is always charged on __________ assets. (a) Current (b) Fixed (c) Fictitious (d) Intangible

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

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

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. The client has recently purchased an expensive copy machine. c. Assets costing less than P5,000 are expensed even when the expected life exceeds one year. d. Inventory is comprised of diamond rings.

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.

Depreciation is shown in ____________________. a. P & L statement b. Current Assets c. Investments d. Creditors

Description : Depreciation is shown in ____________________. a. P & L statement b. Current Assets c. Investments d. Creditors

Last Answer : a. P & L statement

If the block of asset ceases to exist on the last day of the previous year, depreciation admissible for block of assets will be: a) Nil b) 50% of the value of the block of assets on the first day of the previous year c) The total value of the block of the assets on the first day of the previous year d) 50% of the value of the block of assets on last day of the previous year

Description : If the block of asset ceases to exist on the last day of the previous year, depreciation admissible for block of assets will be: a) Nil b) 50% of the value of the block of assets on the first day ... of the previous year d) 50% of the value of the block of assets on last day of the previous year

Last Answer : a) Nil

Adhu Ltd. owns machinery (rate of depreciation is 15%), the written down value of which as on 1st April 2017 is Rs.30 Lakh. Due to fire, entire assets in the block were destroyed and the insurer paid Rs.25 lakh. The eligible depreciation in respect of block : a) Rs.450000 b) Rs. 75000 c) Rs. 400000 d) Nil

Description : Adhu Ltd. owns machinery (rate of depreciation is 15%), the written down value of which as on 1st April 2017 is Rs.30 Lakh. Due to fire, entire assets in the block were destroyed and the insurer paid Rs.25 lakh ... depreciation in respect of block : a) Rs.450000 b) Rs. 75000 c) Rs. 400000 d) Nil

Last Answer : d) Nil

Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 June 2017 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 lakh on 14 January 2018. Rate of depreciation of block is 10%. Calculate the amount of depreciation available during the previous year for the block. e. rupees 1.95 lakh f. rupees 2.5 lakh g. rupees 2.25 lakh h. Rs 1.45 lakh

Description : Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 June 2017 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 ... . rupees 1.95 lakh f. rupees 2.5 lakh g. rupees 2.25 lakh h. Rs 1.45 lakh

Last Answer : e. rupees 1.95 lakh

Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 January 2018 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 lakh on 14 January 2018. Rate of depreciation of block is 10%. Calculate the amount of depreciation available during the previous year. a. rupees 1.95 lakh b. rupees 2.5 lakh c. rupees 2.25 lakh d. Rs 1.45 lakh

Description : Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 January 2018 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 ... rupees 1.95 lakh b. rupees 2.5 lakh c. rupees 2.25 lakh d. Rs 1.45 lakh

Last Answer : d. Rs 1.45 lakh

Opening WDV of the block of assets was Rs.15 lakh. During the year, asset was acquired under this block on 15th June2017 amounting to Rs. 10 Lakh. Rate of depreciation of the block is 15%. Calculate the amount of depreciation available during the P.Y. a) Rs. 3.5 Lakh b) Rs. 3.75 lakh c) Rs. 3.00 lakh d) Rs.2.25 Lakh

Description : Opening WDV of the block of assets was Rs.15 lakh. During the year, asset was acquired under this block on 15th June2017 amounting to Rs. 10 Lakh. Rate of depreciation of the block is 15%. Calculate the amount of depreciation ... 3.5 Lakh b) Rs. 3.75 lakh c) Rs. 3.00 lakh d) Rs.2.25 Lakh

Last Answer : b) Rs. 3.75 lakh

Net National Product in National Income Accounting refers to - (1) Gross Domestic Product—Depreciation (2) Gross Domestic Product + Subsidies (3) Gross National Product—Depreciation (4) Gross National Product + Subsidies

Description : Net National Product in National Income Accounting refers to - (1) Gross Domestic Product—Depreciation (2) Gross Domestic Product + Subsidies (3) Gross National Product—Depreciation (4) Gross National Product + Subsidies

Last Answer : (3) Gross National Product-Depreciation Explanation: Net national product at market price is the market value of the output of final goods and services produced at current price in one year of ... the depreciation charges from the gross national product, we get net national product at market price.

Net National Product in National Income Accounting refers to (1) Gross Domestic Product— Depreciation (2) Gross Domestic Product + Subsidies (3) Gross National Product— Depreciation (4) Gross National Product + Subsidies

Description : Net National Product in National Income Accounting refers to (1) Gross Domestic Product— Depreciation (2) Gross Domestic Product + Subsidies (3) Gross National Product— Depreciation (4) Gross National Product + Subsidies

Last Answer : Gross National Product— Depreciation

Large investment is made in fixed assets, the project will be termed as __________. A. Capital Intensive. B. Labour Intensive. C. Product Intensive. D. Market Intensive.

Description : Large investment is made in fixed assets, the project will be termed as __________. A. Capital Intensive. B. Labour Intensive. C. Product Intensive. D. Market Intensive.

Last Answer : A. Capital Intensive.

For high conversion in a highly exothermic solid catalysed reaction, use a __________ bed reactor. (A) Fixed (B) Fluidised bed reactor followed by a fixed (C) Fixed bed reactor followed by a fluidised (D) Fluidised

Description : For high conversion in a highly exothermic solid catalysed reaction, use a __________ bed reactor. (A) Fixed (B) Fluidised bed reactor followed by a fixed (C) Fixed bed reactor followed by a fluidised (D) Fluidised

Last Answer : (B) Fluidised bed reactor followed by a fixed

I am planning to buy a newly built apartment. Which one should be?

Description : What material is the best made of thermal insulation?

Last Answer : Brick is the best insulator. However, it is worth checking out the quality, because there are also weak ones that transmit both sound and heat!

Do you have a favorite ****? Which the?

Description : Borsodi, Soproni

Last Answer : For me, the non-alcoholic lemon Gösser is my favorite :)

African country 4 letters. Which country is it?

Description : Which African country has a 4-letter name.

Last Answer : Chad, Mali or Togo

METU or ZSKF Communication? Which one would you recommend?

Description : METU or ZSKF Communication? Which one would you recommend?

Last Answer : answer:

He arrives at the intersection shown in the illustration with his car represented by the steering wheel. Which vehicle can proceed first? (Cross Test)

Description : [img] https:///wp-content/uploads/2016/01/teszt16.jpg [/ img] The "A" vehicle The "B" vehicle Your steering wheel car

Last Answer : 1.Vehicle marked "A"

You want to turn left. Which track is correct if you are traveling on a two-way road? (Cross Test)

Description : [img] https:///wp-content/uploads/2016/01/teszt13.jpg [/ img] Only 1. Only 2. Both 1 and 2.

Last Answer : 2. Only 2.

Is it worth accepting this special teacher for someone who has difficulty with the language? Or do you prefer to take a course or try to train yourself? Which is more effective?

Description : I'm clueless. : /

Last Answer : It helped me a lot with the special class exams. Surely a lot depends on what the teacher is like and of course how much we want to learn the material ... :)

At the initial stages of development, which one of the following sectors was the most important of economic activity? (a) Primary (b) Secondary

Description : At the initial stages of development, which one of the following sectors was the most important of economic activity? (a) Primary (b) Secondary

Last Answer : At the initial stages of development, which one of the following sectors was the most important of ... b) Secondary (c) Tertiary (d) Quaternary

Realising that his new video game will be on the edge of contributing some profit in its second year, Gary lobbies hard to have the accounting department assign other projects in the firm higher levels of certain arbitrarily assigned costs. These costs are called __________ costs. A)fixed B)variable C)traceable common D)nontraceable common

Description : Realising that his new video game will be on the edge of contributing some profit in its second year, Gary lobbies hard to have the accounting department assign other projects in the firm ... . These costs are called __________ costs. A)fixed B)variable C)traceable common D)nontraceable common

Last Answer : D)nontraceable common

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

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

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

Which of the following factors most likely would heighten an auditor's concern about the risk of fraudulent financial reporting? a. Large amounts of liquid assets that are easily convertible into cash. b. Low growth and profitability as compared to other entity's in the same industry. c. Financial management's participation in the initial selection of accounting principles. d. An overly complex organizational structure involving unusual lines of authority.

Description : Which of the following factors most likely would heighten an auditor's concern about the risk of fraudulent financial reporting? a. Large amounts of liquid assets that are easily ... of accounting principles. d. An overly complex organizational structure involving unusual lines of authority.

Last Answer : An overly complex organizational structure involving unusual lines of authority.

Which of the following could be an example of fraud?a. Misappropriation of assets or group of assets. b. Errors in the application of the accounting principles. c. Clerical errors in accounting data underlying the financial statements. d. Misinterpretation of facts that existed when financial statements were prepared.

Description : Which of the following could be an example of fraud? a. Misappropriation of assets or group of assets. b. Errors in the application of the accounting principles. c. Clerical ... underlying the financial statements. d. Misinterpretation of facts that existed when financial statements were prepared.

Last Answer : Misappropriation of assets or group of assets

Internal auditors should review the means of physically safeguarding assets from losses arising from a. Procedures that are not cost justified. b. Exposure to the elements. c. Underusage of physical facilities. d. Misapplication of accounting principles.

Description : Internal auditors should review the means of physically safeguarding assets from losses arising from a. Procedures that are not cost justified. b. Exposure to the elements. c. Underusage of physical facilities. d. Misapplication of accounting principles.

Last Answer : Exposure to the elements.

In financial accounting of a chemical plant, which of the following relationship is invalid? (A) Assets = equities (B) Assets = liabilities + net worth (C) Total income = costs + profits (D) Assets = capital

Description : In financial accounting of a chemical plant, which of the following relationship is invalid? (A) Assets = equities (B) Assets = liabilities + net worth (C) Total income = costs + profits (D) Assets = capital

Last Answer : (D) Assets = capital

The relationship between current assets and current liabilities is important in evaluating a company's a. profitability. b. liquidity. c. market value. d. accounting cycle.

Description : The relationship between current assets and current liabilities is important in evaluating a company's a. profitability. b. liquidity. c. market value. d. accounting cycle.

Last Answer : b. liquidity.

Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. c. in order to transfer net income (or loss) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.

The fundamental accounting equation' Assets = Liabilities + Capital' is the formal expression of A. Dual aspect concept B. Matching concept C. Going concern concept D. Money measurement concept

Description : The fundamental accounting equation' Assets = Liabilities + Capital' is the formal expression of A. Dual aspect concept B. Matching concept C. Going concern concept D. Money measurement concept

Last Answer : A. Dual aspect concept

Which of the following accounting equation is correct? A. Capital + Liabilities= Assets B. Capital = Assets + Liabilities C. Capital- Liabilities = Assets D. Capital + Assets = Liabilities

Description : Which of the following accounting equation is correct? A. Capital + Liabilities= Assets B. Capital = Assets + Liabilities C. Capital- Liabilities = Assets D. Capital + Assets = Liabilities

Last Answer : A. Capital + Liabilities= Assets

Which statement is true? 1) The balance of payments depends on the principle of double-entry accounting. 2) Decrease in assets and increase in liabilities of net worth represent credits or sources of funds. 3) The balance of payment is a source- and uses of funds statement that reflects changes in assets, liabilities and net worth during a specified period of time. A. Only 1 B. Only 2 C. Only 3 D. 1, 2 and 3

Description : Which statement is true? 1) The balance of payments depends on the principle of double-entry accounting. 2) Decrease in assets and increase in liabilities of net worth represent credits or sources of funds. 3) The balance of ... period of time. A. Only 1 B. Only 2 C. Only 3 D. 1, 2 and 3

Last Answer : D. 1, 2 and 3

. A common English word is used in accounting to refer to the value of an entity over and above the value of its assets. This value derives from factors such as consumer loyalty to the brand. What?

Description : . A common English word is used in accounting to refer to the value of an entity over and above the value of its assets. This value derives from factors such as consumer loyalty to the brand. What?

Last Answer : Goodwill.

Which of the following methods are used in creative accounting? (a) Off balance sheet financing (b) Abuses of accounting concepts and conventions (c) Manipulating assets and liabilities (d) Over and under valuation of inventories

Description : Which of the following methods are used in creative accounting? (a) Off balance sheet financing (b) Abuses of accounting concepts and conventions (c) Manipulating assets and liabilities (d) Over and under valuation of inventories

Last Answer : A. OFF BALANCE SHEET FINANCING

If nothing is written about the accounting assumption to be followed it is presumed that a) They have been followed b) They have not been followed c) They are followed to some extent d) none of these

Description : If nothing is written about the accounting assumption to be followed it is presumed that a) They have been followed b) They have not been followed c) They are followed to some extent d) none of these

Last Answer : b) They have not been followed

If nothing is given in the financial statements aboutthe three accounting assumptions then it is to be treated as it a) Is assumed that it is not followed b) Is assumed to be followed c) Is assumed to be followed to some extent d) None of the above

Description : If nothing is given in the financial statements aboutthe three accounting assumptions then it is to be treated as it a) Is assumed that it is not followed b) Is assumed to be followed c) Is assumed to be followed to some extent d) None of the above

Last Answer : b) Is assumed to be followed

In fixed instalment system the amount of depreciation is ____________ every year. 

Description : In fixed instalment system the amount of depreciation is ____________ every year. 

Last Answer : In fixed instalment system the amount of depreciation is ____________ every year. (a) constant (b) fluctuating (c) increased (d) decreased

Rent, interest on fixed capital, depreciation of building, taxes and wages of the permanent labourers constitute

Description : Rent, interest on fixed capital, depreciation of building, taxes and wages of the permanent labourers constitute

Last Answer : Ans. Fixed Costs

From the information given below, calculate Debt service coverage Ratio– Net profit after interest and Tax Rs. 40,000, Depreciation Rs. 5,000, Rate of Income Tax 50%, 10% Mortgage Debentures Rs. 60,000. Fixed Interest Charges Rs. 6,000, Debenture Redemption Fund Appropriation of Outstanding Debentures 10%. (A) 4•06 times (B) 5•06 times (C) 6•06 times (D) 7•06 times

Description : From the information given below, calculate Debt service coverage Ratio- Net profit after interest and Tax Rs. 40,000, Depreciation Rs. 5,000, Rate of Income Tax 50%, 10% Mortgage Debentures Rs. 60,000. Fixed Interest Charges Rs. 6 ... . (A) 4 06 times (B) 5 06 times (C) 6 06 times (D) 7 06 times

Last Answer : Answer: 4•06 times

Which of the following costs would be considered a fixed cost? A. Raw materials. B. Depreciation. C. Bad-debt losses. D. Production labor.

Description : Which of the following costs would be considered a fixed cost? A. Raw materials. B. Depreciation. C. Bad-debt losses. D. Production labor.

Last Answer : B. Depreciation.