Question # 1

The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as

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Appreciation

Depreciation

Fluctuation

None of the gievn

The area of accounting concerned with reporting financial information to the interested parties is called

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cost accounting

financial accounting

management accounting

tax accounting

The amount of depreciation charged on machinery will be debited to:

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machinery account

depreciation account

cash account

Accrued expenses are the example of

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Current liabilities

Long term liabilities

Capital expenses

The cost of moving planet and machinery to a new site will be treated as:

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Revenue expenses

Capital expenses

Operating expenses

Administrative expenses

A summarized record of transaction related to individual or things is called

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Account

Voucher

Journal

Trail Balance

Which of the financial statement DO NOT show the financial health of a business at specific date?

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Profit and Loss account

Balane Sheet

Statement of financial position

Which of the following essentials are shown in Bank book?1.Date of transaction ,2.Narration of transaction ,3.Cheque Number

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1,2

2,3

1,3

1,2,3

_____ is the amount for which an assets could be exchanged between knowledge willing parties in a arm length transaction

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Present Value

Fair Value

Book Value

A decrease in value of a fixed asset due to age wear and tear is known as

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depreciation

accumulated depreciation

administrative expenses

operating expenses

Which of the following is an alternate term which can be used for "Capital"?

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Liability

Owner net worth

Asset

Working Capital

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