77. Goodwill is classified as which one of the following assets?

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Fixed
Long term
Current
Intangible
✅ The correct answer is D.
Goodwill is classified as Intangible assets. The goodwill amounts to the excess of the “purchase consideration” (the money paid to purchase the asset or business) over the total value of the assets and liabilities. It is classified as an intangible asset on the balance sheet, since it can neither be seen nor touched.

859. Public deposits obtained by a company means __________.

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deposits received from government
deposits received from public at large
deposits received from stockiest and agent as advance
deposit received from share holders
✅ The correct answer is B.
Public deposits obtained by a company means deposits received from public at large. Any member of the public can fill up the prescribed form and deposit the money with the company.

858. Factor which provides hedge to managers in adverse and unexpected circumstances is known as

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budgetary slack
costly slack
influential slack
target slack
✅ The correct answer is A.
Factor which provides hedge to managers in adverse and unexpected circumstances is known as budgetary slack. Budgetary slack is the deliberate under-estimation of budgeted revenue or over-estimation of budgeted expenses.

874. Under absorption of overhead expenses in cost accounting results in _________.

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decrease in costing profit
decrease in financial accounts profit
increase in costing profit
increase in financial accounts profit
✅ The correct answer is C.
Under absorption of overhead expenses in cost accounting results in increase in costing profit. If overhead is under absorbed, this means that more actual overhead costs were incurred than expected, with the difference being charged to expense as incurred. This usually means that the recognition of expense is accelerated into the current period, so that the amount of profit recognized declines.