Accounting Mcqs

Engineering MCQs CBSE MCQs

Q.  The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?

a. General Reserve A/c
b. Profit & Loss A/c
c. Asset A/c
d. Capital Reserve A/c


ANSWER: See Answer
 
According to AS-10 on disposal of a previously revalued item of fixed asset, the difference between net disposal proceeds and the net book value should be charged or credited to the Profit & Loss Statement except that to the extent that such a loss is related to an increase which was previously recorded as a credit to revaluation reserve and which has not been subsequently reversed or utilized, it may be charged directly to that account. This balance (no longer needeD. being of capital nature should be transferred to Capital Reserve Account.
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MCQs:  Which of the following shall not be deducted from net profit while calculating managerial remuneration?
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MCQs:  Which of the following equations is correct?
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MCQs:  Which of the following is not true with regard to preparation of Profit & Loss Account?
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MCQs:  The Profit and Loss Account shows the:
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MCQs:  Which of the following will not appear in Profit and Loss Account of a business?
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MCQs:  Which of the following is not a financial statement?
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MCQs:  If unexpired insurance appears in the Trial Balance, it should be:
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MCQs:  Which of the following are/is not a fixed asset?
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MCQs:  Which of the following are/is a current asset?
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MCQs:  Tax deducted at source appears in the Balance Sheet
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MCQs:  Which of the following statements is false ? select the false from below options
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MCQs:  Which of the following accounts appear(s) in the Balance Sheet of a business? i. Stock at the end of the financial year ii. Stock at the beginning of the financial year iii. Drawings iv. Prepaid Rent v. Interest received but not yet earned
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MCQs:  Computers taken on hire by a business for a period of twelve months should be classified as:___________?
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MCQs:  Which of the following is not an intangible asset?
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MCQs:  Which of the following is a current liability?
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MCQs:  Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?
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MCQs:  Which of the following is not a contingent liability?
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MCQs:  Which of the following are current assets of a business? i. Income received in advance ii. Stock iii. Debtors iv. Pre-paid expenses v. Accrued income
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