Question
XYZ Ltd. purchased an asset on 1st January, 20X0, for 1,00,000 and the asset had an estimated useful life of ten years and a residual value of nil. The company has charged depreciation using the straight-line method at 10,000 per annum. On 1st January, 20X4, the management of XYZ Ltd. Reviews the estimated life and decides that the asset will probably be useful for a further four years and, therefore, the total life is revised to eight years. How should the asset be accounted for remaining years?
More The Management Basics Questions
- Post office saving deposit is part of
- Which of the following is not an objective served by GFCs?
- What is a successful global financial center characterized by?
- When can income be recognized on accounts where a moratorium has been granted for interest repayment?
- _____________ is the process of choosing a career, improving one’s skills, and advancing along a career path.
- A company earned net profits of Rs. 150,000 during the year. If the amount of debtors in the beginning and the end of the year is Rs. 1,10,000 and Rs. 1,20...
- _______________ mean a company incorporated in India seeking to raise capital in foreign currency other than Indian rupee which has obtained requisite appr...
- What is the increased limit for e-mandates per transaction for subscription to mutual funds, payment of insurance premiums, and credit card bill payments?
- Which of the following tasks best describes the directing function being performed by a marketing department manager in the organisation?
- Which among the following below is also known as working capital ratio
Hey! Ask a query
Please enter email id
The email must be a valid email address.
Please enter Mobile Number
Please enter valid Mobile Number
Please enter your Doubt
Think You're Ready for RBI Grade B?
RBI Grade B 2026 Phase 1 Memory Based Paper
- 200 Questions with Detailed Solutions
- Section-wise Coverage (GA, English, Quant & Reasoning)