The 'Customs Bonded Warehouse' allows: MCQ with Answer and Explanation
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Question #1
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The 'Depreciation' entry is:
Correct Answer: Option A
Explanation:
Depreciation is an expense: Depreciation A/c Dr. To Asset A/c (or Accumulated Depreciation).
Depreciation is an expense: Depreciation A/c Dr. To Asset A/c (or Accumulated Depreciation).
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Which of the following is NOT a feature of cash basis accounting?
Correct Answer: Option C
Explanation:
Cash basis does not follow the matching principle, as revenues and expenses are recorded only when cash is exchanged.
Cash basis does not follow the matching principle, as revenues and expenses are recorded only when cash is exchanged.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Arm's Length Price' is:
Correct Answer: Option D
Explanation:
Arm's length price is the price applied in a transaction between independent parties under similar conditions.
Arm's length price is the price applied in a transaction between independent parties under similar conditions.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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