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Question #1
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Under 'Ind AS 21', foreign currency monetary items are translated at:
Correct Answer: Option D
Explanation:
Monetary items are translated at the closing rate at the reporting date.
Monetary items are translated at the closing rate at the reporting date.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The term 'Fictitious Assets' are:
Correct Answer: Option B
Explanation:
Fictitious assets are deferred revenue expenditures (like preliminary expenses) that have no realizable value but are shown on the asset side of the balance sheet.
Fictitious assets are deferred revenue expenditures (like preliminary expenses) that have no realizable value but are shown on the asset side of the balance sheet.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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What is the correct journal entry for depreciation charged on machinery?
Correct Answer: Option D
Explanation:
Depreciation is an expense (Debit), and it reduces the value of the asset, so Machinery Account is credited.
Depreciation is an expense (Debit), and it reduces the value of the asset, so Machinery Account is credited.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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