With effect from 31/03/2005, a doubt full asset is none which has remained in the substandard category for

Related MCQs

• Provision created for substandard is
• 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?
• 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
• 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.
• 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
• If the asset is sold, the provision for depreciation relating to the asset sold is transferred to:
• Cost of fixed asset minus accumulated depreciation expenses of the fixed asset:
• An asset which does not have a physical form but has the potential to have a monetary value is known as an ------------- Sol:
• An ink-stand has been purchased by a firm for a nominal amount that is to last for 4 year. It should not be classified as a fixed asset under which of the following accounting principles:
• The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to