In the ledger, what is the meaning of 'c/d'? MCQ with Answer and Explanation
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Question #1
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Assertion (A): Under Ind AS 36, if an impairment loss is recognized, the depreciation charge for the asset must be adjusted in future periods. Reason (R): The depreciation charge is based on the revised carrying amount of the asset after the impairment loss. Choose the correct option.
Correct Answer: Option C
Explanation:
Ind AS 36 requires that after recognizing an impairment loss, the asset's depreciation charge must be adjusted to allocate the revised carrying amount over its remaining useful life. R correctly explains A.
Ind AS 36 requires that after recognizing an impairment loss, the asset's depreciation charge must be adjusted to allocate the revised carrying amount over its remaining useful life. R correctly explains A.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Life Membership Fees received by a club is treated as:
Correct Answer: Option D
Explanation:
It is a one-time non-recurring receipt representing a lifetime obligation, hence capitalized and added to the Capital Fund.
It is a one-time non-recurring receipt representing a lifetime obligation, hence capitalized and added to the Capital Fund.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In the context of the Cash Book, the term 'C' written against an entry stands for:
Correct Answer: Option D
Explanation:
The letter 'C' in the Ledger Folio column signifies a contra entry, which impacts both cash and bank columns.
The letter 'C' in the Ledger Folio column signifies a contra entry, which impacts both cash and bank columns.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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