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Changes in the Value of Assets and Liabilities

According to ...

Question

According to Accounting Standard-6 which of the following is not required to be disclosed in the financial statement?

A

Historical cost of the asset

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B

Depreciated value of the asset

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C

Accumulated depreciation

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D

Total depreciation for the period for each class of asset

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Solution

The correct option is B Depreciated value of the asset
AS-6 deals with depreciation of the tangible asset. Hence, only the historical cost, accumulated depreciation on the asset and total depreciation for the period for each class of asset will be recorded. Depreciable value of asset is not to be disclosed according to AS-6.

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Similar questions

Q. Which of the following information relating to fixed assets should be disclosed in the financial statements as per Accounting Standard-10 ?

Q. State whether the following Statements are True or False

1. There is need to provide depreciation if it is maintained with care.
2. Depreciation cannot be provided in case of loss in a financial year.
3. A Specific reserve can be created for any purpose.
4. Capital Reserves are not freely distributed as profits.
5. Under the written down value method depreciation is calculated on the original cost of an asset.
6. Depreciation is the process of valuation of asset.
7. Depreciation is a non-cash expense.
8. Secret reserves are disclosed in Balance Sheet.
9. General reserves is created to meet contingency liability.
10. Depreciation is charged only on fixed asset.

Q. Which of the following is not required to be disclosed according to

A S - 6

?

Q. Where depreciable assets are revalued, then according to Accounting Standard-6 depreciation amount should be based on____________.

Q. According to Accounting Standard-6, depreciation is to be provided on the basis of _____________.

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