The original cost at which an asset or liability is acquired is known as --------

Related MCQs

• The original cost at which an asset or liability is acquired is known as --------
• When an asset is acquired on hire purchase system, the asset account is debited with _______ of the assets in the books of the hire purchaser.
• If original cost of an asset is rs. 60000 and its scrap value is Rs. 10000, its depreciable cost is
• Asset acquired for long period of time in the business is known as ___________
• Cost of fixed asset minus accumulated depreciation expenses of the fixed asset:
• Excess of asset over liability is called
• The process of balancing of an account involves equalization of both sides of the account. If the debit side of an account exceeds the credit side, the difference is put on the credit side. The said balance is (i) A Debit balance (ii) A Credit balance (iii) An expenditure or an Asset (iv) An Income or a Liability
• Which of the following statements is true with regard to written down value method of depreciation? i. The rate at which the asset is written off reduces year after year ii. The amount of depreciation provided reduces from year to year iii. The rate of depreciation as well as the amount of depreciation reduce year after year iv. The value of the asset gets reduced to zero over a period of time
• Tick the correct match 1. Current Asset 1. Depreciation 2. Nominal A/c 2. Land 3. Non Depreciable Asset 3. Insurance A/c 4. Non Cash Expense 4. Prepaid Rent A/c
• 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?