Question
Company X purchased machinery for ₹10 lakh, salvage
₹1 lakh, useful life 5 years. If using reducing-balance method at 40% p.a., what is depreciation expense in year 2?Solution
Year 1 depreciation = ₹10 L × 40% = ₹4 L → NBV end Yr1 = ₹6 L; Yr2 dep = ₹6 L × 40% = ₹2.4 L.
Customer acquisition costs (agent commissions) for one-year policies are paid upfront. Can they be capitalized as intangible assets?
Which of the following statements is correct?
A person or their relative or partner who is indebted to the company for an amount exceeding what threshold is disqualified for the appointment of an au...
Which of the following is a sub-target under Priority Sector Lending for Agriculture for domestic commercial banks?
Shortage in material can be due to normal reasons or due to abnormal reasons.
Which of the following will be regarded as shortage due to abnormal reason?
As per the Indian Accounting Standards, a company enters into a lease for a building for 9 years, and the building's useful life is 10 years. The contra...
Which of the following statements is true for cash basis accounting?
Which is not the essential characteristic of Bill of exchange:
Current years’ proposed dividend will be:
A public company with paid up capital of Rs.10 crore or more, can appoint an individual as an auditor maximum for ________ consecutive years.
