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21.
Recording of capital contributed by the owner as liability ensures the adherence of principle of
- A.Consistency
- C.Separate entity
- B.Going concern
- D.Materiality
- Answer
- Report
Answer : [C]
22.
Indian Accounting Standard - 28 is related to -
- A.Accounting for taxes on income
- B.Financial Reporting of Interests in Joint Venture
- C.Impairment of Assets
- D.Provisions, Contingent Liabilities and Contingent Assets
- Answer
- Report
Answer : [C]
23.
Accounting for Intangible Assets are related to -
- A.AS - 10
- C.AS - 24
- B.AS - 12
- D.AS - 26
- Answer
- Report
Answer : [D]
24.
P.K Sons purchased a machine on 1st October, 2003 at cost Rs. 2,70,000 and spent Rs. 30,000 on its installation. The firm written off depreciation 10% per annum on original cost every year. The books are closed on 31st March every year. The machine is sold on 30 September, 2006 for Rs. 1,90,000. How much amount will be transferred to P & L A/c as loss on sale of machinery ?
- A.10,000
- C.30,000
- B.20,000
- D.40,000
- Answer
- Report
Answer : [B]
25.
Depletion method of depreciation is used in case of -
- A.Cattle, Loose Tools, etc.
- C.Machinery, Building, etc.
- B.Mines, Quarries, etc.
- D.Books
- Answer
- Report
Answer : [B]
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