The assumption underlying the fixed installment method of depreciation is that of ________ of the asset over different years of its useful life.
-
Solution
Under fixed installment method, depreciation is of equal usage of asset over different years of its useful life
An account is a formal record of changes in items of ________ nature.
(a). (b).
(c). (d).
-
Solution
Account is a formal record of changes in items of similar nature.
Accounts receivable normally has ________ balance.
-
Solution
Account Receivable normally has Dr. Balance.
Capital expenditures are recorded in the ________
-
Solution
Capital expenditures are recorded in balance sheet as they are not revenue in nature(thus not charged to P& L A/c)
Bank pass book is also known as ________
-
Solution
Bank pass book is also called bank statement.
Rs. 5,000 spent on maintenance of plant and machinery is ________.
-
Solution
Amount spent on maintenance of plant and machinery is revenue expense.
In case of debit balance, the words ________ are written on the debit side.
-
Solution
The words ‘To bal. b/d’ are written on Dr. Side in case of Dr. Balance.
It is easy to detect ________ than to ________.
-
Solution
It is easy to detect Errors than to Frauds.
Trial balance is a statement which shows the ________ or the ________of all the accounts.
-
Solution
Trial balance shows the Dr. Balance or Cr. Balance of all accounts.
Errors are ________ mistakes.
-
Solution
Unintentional mistakes are errors.