Classical

Financial and Management Accounting - Financial and Management Accounting MCQ

81:  

Stock is

A.

Included in the category of fixed assets

B.

Part of current assets

C.

Intangible

D.

Tangible

 
 

Option: B

Explanation :


82:  
Which of the following information related to fixed assets should be disclosed in the financial statements as per Accounting Standard - 10 (Accounting Standard on Fixed Assets)?
A.
Gross and net book values of fixed assets at the beginning and end of an accounting period showing additions, disposals, acquisitions and other movements
B.
Expenditure incurred on account of fixed assets in the course of construction or acquisition
C.
Revalued amount substituted for historical cost of fixed assets, the method adopted to compute the revalued amounts, the nature of any indices used, the year of any appraisal made and whether an external valuer was involved, in case where fixed assets are stated at revalued amounts
D.

All of the above

 
 

Option: D

Explanation :


83:  
Which of the following is not included in the category of 'Intangible Assets' ?
A.

Patents rights

B.

Copy rights

C.

Competitive benefit and privileges

D.

Machinery

 
 

Option: D

Explanation :


84:  
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

 
 

Option: D

Explanation :


85:  
What are the important objectives of accounting?
l. To maintain records of a business
II. Calculation of profit or loss
Ill. Depiction of financial position
IV. To make information available to variousgroups and users
A.

I and II

B.

I and III

C.

I, II, and III

D.

I, II, III and IV

 
 

Option: D

Explanation :




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