Financial and Management Accounting - Financial and Management Accounting MCQ

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111:  

In case the depreciable assets are revalued, the provision for depreciation is based on

A.	The revalued amount on the estimate of the remaining useful life of such assets
B.	Original cost of the assets
C.	Depreciated value of the assets
D.	AS - 6 is silent in this regard
	Answer Report Discuss
	Option: A Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

112:  

Contingent liability is shown due to

A.	Convention of full disclosure
B.	Convention of conservatism
C.	Convention of materiality
D.	Dual aspect concept
	Answer Report Discuss
	Option: C Explanation : Click on Discuss to view users comments. Shalini Gupta said: (8:30am on Thursday 2nd November 2017) Answer is Option A (Convention of full disclosure) Write your comments here: Updating your Comments.. Updating your Comments..

113:  

According to which of the following concepts, fixed assets are depreciated over their useful life rather than over a shorter period on the expectation of early liquidation?

A.	Cost concept
B.	Matching concept
C.	Going concern concept
D.	Business entity concept
	Answer Report Discuss
	Option: C Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

114:  

Which of the following factors should be considered while estimating the useful life of a depreciable asset?

A.	Expected physical wear and tear
B.	Obsolescence
C.	Legal or other limits on the use of asset
D.	All of the above
	Answer Report Discuss
	Option: D Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

115:  

Match List I with List II and select correct answer using the codes given below:

     List I                                       List II

a. Real Accounts            I. Dr. the receiver Cr. the giver

b. Nominal Accounts    II. Dr. what comes in Cr. what goes out

c. Personal Accounts  Ill. Dr. all expenses and losses Cr. all gains and incomes

A.	a   b   c III   II    I
B.	a   b   c   I   III    II
C.	a   b   c  II   III    I
D.	a   b   c  I   II    III
	Answer Report Discuss
	Option: C Explanation : Click on Discuss to view users comments. Write your comments here: Updating your Comments.. Updating your Comments..

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