Asset

Q.

Is Stationery a Fixed Asset?

Q.

Which of the following is not an Asset of an enterprise?

1. Buildings

2. Loan from Mr. Ram

3. Debtors

4. Cash balance

Q.

Resources owned by a company (such as cash, accounts receivable, vehicles) are referred to as:

1. Debtors

2. Assets

3. Liability

4. Equity

Q.

Why Is Goodwill Not a Fictitious Asset?

Q.

Is Office Equipment a Fixed Asset?

Q.

Which account is not a liability account?

1. Account payable

2. Accrued Expenses

3. Cash

4. Notes payable

Q.

Give any two examples of deferred revenue expenditure?

Q.

Which of the following accounts is not an Asset?

1. Debtors

2. Salary payable to employees

3. Bank Balance

4. Car held for business use

Q.

An asset possess which of the following?

1. Future economic benefits for the business

2. Expenses for the business

3. All kinds of benefits for the business

4. Merits & demerits for the business

Q.

What are the attributes of an Asset?

1. Resource owned by business entity

2. Expressed in terms of money

3. Future economic benefits

4. All of the above

Q.

Which of the following statements are incorrect with regard to the assets of any company?

1. Assets are companies properties.It includes Fixed Assets and Current Assets

2. Assets are owned by company while liabilities are owed by the company

3. Assets are those which the firm is obliged to pay to outsiders

4. Asset is something that the company owns which can provide future economic benefits to the company

Q.

Which of the following are the characteristics of an asset?

1. All the above

2. Resources owned by the entity

3. Expressed in terms of money

4. Future Economic benefits

Q.

Which of the following is not an asset?

1. Building for factory

2. Car for personal use

3. Car for office use

4. Furniture for office use

Q.

How Many Years Amortize Intangible Assets?

Q.

Which of the following is incorrect?

1. Transaction Effect on Assets
   Cheque issue to creditors Decrease

2. Transaction Effect on Assets
   Cash paid to creditors Increase
   

3. 
   Transaction Effect on Assets
   Cash paid to creditors Decrease
   

4. Transaction Effect on Assets
   Goods bought on credit Increase

Q. Which Transactions are recorded in journal proper ?

1. Adjustment Entries
2. Rectification entries
3. Transfer entries
4. All of the Above

Q. What do you mean by asset and what are different types of assets ?

Q. Resources owned by a company such as cash, buildings, machinery are referred to .

1. liabilities
2. assets
3. goods
4. equity

Q. Furniture is:

1. Current Asset
2. Fictitious asset
3. Tangible asset
4. Intangible asset

Q. ways to convert potential resources into actual resources

Q. Such expenses which are included (even though they are not incurred) for taking managerial decisions are called ___________.

1. Notional Expenses
2. Actual Expenses
3. Imputed Expenses
4. None of these

Q.

A decrease in which of the following will lead to a decrease in the assets of a company?

1. Salary paid to employees

2. Debtor

3. Interest paid to bank

4. Mohan (Proprietor)

Q. Property of any description owned by proprietor is known as __________ .

1. Assets
2. Reserves
3. Capital
4. Liabilties

Q. Stock of both man made goods as well as natural, resources like capital is called____.

1. national wealth
2. national stock
3. national capital
4. national resources

Q. Stock/Inventories is classified as ________.

1. Revenue
2. Expenses
3. Current Assets
4. Fixed Assets

Q.

Ashok is a furniture seller. He recently bought a TV.

What is the category of the TV?

1. Asset

2. Capital

3. Liability

4. Expense

Q. Equipment is an item of ___________.

1. revenue
2. asset
3. liability
4. expense

Q. Choose the word which best expresses the meaning of the italicized bold part of the sentence:
The country has a potential to exploit more mineral resources.

1. fortune
2. hidden possibility
3. capacity
4. good luck