PrepMart

Explanation

Current Assets is the correct answer.

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Question ID: 1419

Question 2 of 105

A company is owned by its:

Explanation

A company owned by the shareholders.

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Question ID: 1418

Question 3 of 105

Which of the following is not a business transaction:

Explanation

A business transaction is an economic event with a third party that is recorded in an organizations accounting system. Such a transaction must be measurable in money.

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Question ID: 1417

Question 4 of 105

What from the following is NOT a capital expense?

Explanation

Capital expenditures (CapEx) are funds used by a company to acquire, upgrade, and maintain physical assets such as property, plants, buildings, technology, or equipment. CapEx is often used to undertake new projects or investments by a company.

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Question ID: 1416

Question 5 of 105

The concept that the enterprise will continue in a foreseeable future is known as:

Explanation

The concept of going concern assumes that a business firm would continue to carry out its operations indefinitely.

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Question ID: 1415

Question 6 of 105

The process of recording consumption of natural resources (or wasting assets) is called

Explanation

The process of recording consumption of natural resources is called deplition.

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Question ID: 1414

Question 7 of 105

The accounting process of allocation cost of intangible assets is called:

Explanation

The process of allocating the cost of intangible assets to expense is called amortization, and companies almost always use the straight‐line method to amortize intangible assets.

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Question ID: 1413

Question 8 of 105

Depreciable amount =

Explanation

Depreciation is referred to as the reduction in the cost of a fixed asset in sequential order, due to wear and tear until the asset becomes obsolete.

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Question ID: 1412

Question 9 of 105

A machine price was Rs 1,000 and was carried through a truck. The truck’s fares were Rs 500. The engineers charged Rs 500 for the installation. The cost of the machine is?

Explanation

Rs 2,000

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Question ID: 1411

Question 10 of 105

What from the following is/are NOT tangible asset(s)? I)Patent rights II)Good Will III)Land