An income statement in which each item expressed as percentage of Sale?
An income statement in which each item expressed as percentage of Sale?
A. Balance sheet
B. income statement
C. common size income statement
D. All of the Above
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Depreciation fund method is also known as__________?
Depreciation fund method is also known as__________?A. Sinking Fund Method
B. Annuity Method
C. Sum of Year Digits Method
D. None of theseThe portion of the acquisition cost of the asset yet to be allocated is known as___________?
The portion of the acquisition cost of the asset yet to be allocated is known as___________?
A. Written down value
B. Accumulated value
C. Salvage value
D. Residual ValueThe first step in accounting process is___________?
The first step in accounting process is___________?
A. Recording the transaction
B. Identifying the transaction
C. Posting the transaction
D. Preparing the source documentsFor the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows:
For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows:
March 31,2010 – ` 56,000
March 31, 2011 – ` 51,000
March 31, 2012 – ` 64,000
The entry on March 31, 2012 to rectify these omissions would include a
A. Credit to wage expense for ` 64,000
B. Debit to wage expense for ` 64,000
C. Debit to wage expense for ` 51,000
D. Debit to wage expense for ` 13,000Profit on sale of old plant is:___________?
Profit on sale of old plant is:___________?A. In Trading A/c
B. In Profit and Loss Appropriation A/c
C. Profit and Loss A/c
D. Being a non operating item ignoredWhich of the following is not an intangible asset?
Which of the following is not an intangible asset?A. Trade mark
B. Franchise
C. Accounts Receivable
D. Secret Profit
An accounts receivable is not an intangible asset. It is the amount that the business has to receive from its debtors. The other assets mentioned in alternatives a, b, and d- trademark, franchises and secret processes are intangible assets. Hence, the correct answer is C.