The difference between US GAAP and Indian GAAP is that US GAAP does not allow revaluation of property, plant and equipment while Indian GAAP... View Article
Fixed deposit that is for a term of one year is termed as current asset, while fixed deposit having a term of more than one year is non-current... View Article
Intangible assets are considered as fixed assets for the businesses as they generate value for the businesses over a period of time. Also read:... View Article
Yes, a car is regarded as a fixed asset or capital asset as it is useful for the business in the long term. But, one point to note is that the... View Article
Revenue refers to the income that is generated by the business from its daily operations. It can be considered as the gross income from which... View Article
Depreciation of fixed assets is considered as a revenue expenditure since the asset is used for the daily operations of the business. Also read:... View Article
The difference between capital expenditure and revenue expenditure is that capital expenditure is done for purchasing capital assets while... View Article
Deferred revenue expenditure refers to those expenses which will be incurred in the current accounting period but the benefits of the expenses... View Article
Revenue expenditures are those expenses that are borne by the company during the course of normal business operations. These benefits that will... View Article
Net fixed assets on a balance sheet are net book value of all fixed assets that is determined by subtracting the accumulated depreciation from... View Article
Yes, trademark is considered as a fixed asset as it is used by the business for a long time. It is an intangible asset that generates value for... View Article
In an accrual basis of accounting, if rent is paid in advance, it is considered as an asset, and once the facility is utilised, it is then... View Article
Yes, office equipment is considered a fixed asset or a non current asset. It will be used by the business for an extended period and is therefore... View Article
Land is regarded as a fixed asset for a business, as it provides appreciation in the long term. It is therefore a long term asset for the... View Article
(A) Drawer (B) Payee (C) Drawee (D) None of the above Answer: (A) Drawer In bill of exchange, there are three parties involved which are the... View Article
The following are the advantages and disadvantages of decentralization Advantages: It reduces the burden on the top management. It enables... View Article
The uses of income and expenditure account are as follows: It shows the surplus or deficit arising from the non-trading activities of a... View Article
Income and expenditure account is prepared on an accrual basis. In an income and expenditure account, the income is recorded on the credit side... View Article
