The term 'Fictitious Assets' are: MCQ with Answer and Explanation

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The term 'Fictitious Assets' are:

A. Deferred revenue expenditures shown as assets

B. Tangible assets

C. Current assets

D. Intangible assets

Answer: Option A

Solution (By JKExamLibrary)

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

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The 'Minimum Wages Act, 1948' provides for:

A. Fixation of minimum rates of wages for certain employments

B. Bonus

C. Overtime only

D. Maximum wages

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Correct Answer: Option A

Explanation:
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Securities Premium Account is shown on the liabilities side of the Balance Sheet under the heading:

A. Long-term Provisions

B. Current Liabilities

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Correct Answer: Option C

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The 'GST on Education Services' provided by educational institutions is:

A. 12%

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C. Exempt for specified services and institutions

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Correct Answer: Option C

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This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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