Question # 1

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :

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Budgeting

costing

Management

Auditing

Depreciation value of an asset is equal to

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cost + scrape value

cost + market value

cost - scrap value

none of the given

_____ 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

The product that are ready for sale are known as

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raw material

work in process

finished in goods

closing stock

Depreciation arises because

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fall in market value of an asset

fall in the value of money

physical wear and tear

all of the above

An asset that is not physical in nature is called ____

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intangible asset

liquid assets

current asset

Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business?

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40000

60000

30000

10000

Accrued expenses are the example of

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Current liability

Long term liability

Capital expenses

Which of the following is not depreciated?

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factory building

office equipment

Plant

Land

Which of the following account balance will be shown on debit side of trail balance ?

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Capital account

Sundry credit accounts

Cash account

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