Asset acquired for long period of time in the business is known as ___________

Related MCQs

• 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.
• 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
• The original cost at which an asset or liability is acquired is known as --------
• The original cost at which an asset or liability is acquired is known as --------
• The out flow of funds to acquire an asset that will benefit the business for more than one accounting period is referred to as —
• The out flow of funds to acquire an asset that will benefit the business for more than one accounting period is referred to as:
• Reduction in the book value of an asset over a period of time is called
• The business will continue to operate for an indefinitely long period in the future, unless there is a good evidence to the contrary this assumption is related to
• 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?