Non-Monetary Items which are carried in terms of historical cost determinated in a foreign currency should be reporte using exchange rate at the date of _____

Related MCQs

• M draw a 3 months bill of exchange of ` 20,000 on T on 1st April 07. On due date T paid ` 4,000 and requested M to draw another bill of exchange for 2 months. On the due date of second bill of exchange T is declared insolvement and a dividend of 25 paisa in a rupee is expedited to be realized from his assets. Find the amount receivable from T in respect of the outstanding bill of exchange
• A trader has credited certain items of sales on approval aggregating ` 60,000 to Sales Account. Of these, goods of the value of `16,000 have been returned and taken into stock at cost ` 8,000 though the record of return was omitted in the accounts. In respect of another parcel of ` 12,000 (cost being `6,000) the period of approval did not expire on the closing date. Cost of goods lying with customers should be
• The following are details of closing stock items in Aarvi Limited: Items Historical Cost (` in Lakh) Net Realizable Value (` in Lakh) (a) 30 27 (b) 15 18 (c) 35 35 (d) 40 45 The value of Closing Stock will be
• A___________ transaction is one where in items are exchanged for other items
• According to this convention, important items must be recorded instead of being left out or merged with other items.
• The process of converting foreign – subsidiary financial statements into the home currency is known as------------
• The process of converting foreign subsidiary financial statements into the home currency is known as -------
• A Bill of Exchange is drawn on 1st April, 2012 payable after 3 months. The due date of the bill is
• X draws a Bill of Exchange on Y for ` 10,000 on 1-1-2013 for 3 months. The due date of the bill will be —
• X draws a 3 months bill of exchange for ` 25,000 upon Y on 23-10-12. Find the due date of the bill.