The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?

✅ D. All the three

Option A : Errors of casting Option B : Errors of carry forward Option C : Errors of posting Option D : All the three Correct Answer : All the three Read more

✅ B. It is adjusted in the Purchase A/c

Option A : It is already adjusted in the opening stock Option B : It is adjusted in the Purchase A/c Option C : It is adjusted in the Cost of Sale A/c Option D : It is adjusted in the Profit &Loss A/c Correct Answer : It is adjusted in the Purchase A/c Read more

✅ A. Book value

Option A : Book value Option B : Intrinsic value Option C : Cost Option D : Market value Correct Answer : Book value Read more

✅ A. Profit and Loss A/c

Option A : Profit and Loss A/c Option B : Trading A/c Option C : Deducted from the concerned assets A/c Option D : Shown on the liability side Correct Answer : Profit and Loss A/c Read more

✅ A. Sales A/c

Option A : Sales A/c Option B : Cash sales A/c Option C : Sales return A/c Option D : Credit sales A/c Correct Answer : Sales A/c Read more

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Option A : Current assets Option B : Intangible assets Option C : Deferred revenue expenditure Option D : Not an asset Read More Details about this Mcq Correct Answer : Not an asset Read more

✅ B. Debit balance of cash book

Option A : Credit balance of cash book Option B : Debit balance of cash book Option C : Bank overdraft Option D : Adjusted balance of cash book Correct Answer : Debit balance of cash book Read more

✅ D. All of the above

Option A : The bad debt expense is not matched with the related sales Option B : Revenue is overstated in the year of sales Option C : It violates the matching principle of accounting Option D : All of the above Correct Answer : All of the above Read more