The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is

Related MCQs

• From the following details calculate the net profit for the year ending 31.03.2013 Opening Stock ` 1,50,000; Purchase ` 2,50,000; Manufacturing Expenses ` 80,000; Selling Expenses ` 20,000; Administration Expenses ` 10,000; Financial Charges ` 5,000; Slaes ` 5,55,000 which includes damaged goods sold for ` 5,000 against the cost price of ` 12,000. Gross profit margin on normal sales is 20% on the sales
• Unexpired expenses is a _______
• Cost of fixed asset minus accumulated depreciation expenses of the fixed asset:
• Any change in the accounting policy relating to inventories which has a material effect in the current or later periods should be disclosed. This is in accordance with the accounting principle of:
• The cost of a Fixed Assets of a business has to be written off over its
• Reserve for unexpired risk is shown under
• If unexpired insurance appears in the Trial Balance, it should be
• When a branch purchases fixed assets and the assets account is to be kept in the books of the head office, the branch makes the following entry
• Fixed Assets and Current Assets are categorized as per concept of
• When stock is valued at cost in one accounting period and at lower of cost and Net realizable value in another accounting period