Which of the following is regarded as apt to show the purchase of a fixed asset?

Income & Expenditure account

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Balance sheet

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Bank Statement

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Profit & Loss Account

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Solution

The correct option is B
Balance sheet

Balance sheet is regarded as apt to show the purchase of a fixed asset.

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Similar questions

Q. Income and Expenditure account is ______ to account like Profit and Loss account.

Q. "Income and Expenditure Account of a Not-for-profit Organisation is similar to Profit and Loss Account of a business concern". Explain the statement.

Q. Income and Expenditure account is ________ by balance sheet whereas Receipt and Payment account is __________by balance sheet

State whether the following statement are true or false.

1. Final Accounts are prepared on the basis of Trial Balance.
2. Trading Account is a part of Profit & Loss Account.
3. Profit Loss Account is prepared to find out Gross Profit or Gross Loss.
4. Gross Profit or Gross Loss is transferred to Balance Sheet.
5. An amount of net profit is added to the capital.
6. All indirect expenses are debited to trading account.
7. Balance Sheet is a statement and not an account.
8. Capital account is a personal account.
9. Amount of prepaid expenses appears on assets side.
10. Bank Overdraft is a liability of business concern.

Accrued income is credited to the profit and loss account and shown in the balance sheet as a current asset. Why?

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Which of the following is regarded as apt to show the purchase of a fixed asset?

The correct option is B Balance sheet Balance sheet is regarded as apt to show the purchase of a fixed asset.

The correct option is B
Balance sheet

Balance sheet is regarded as apt to show the purchase of a fixed asset.