Owns
Operates
Manages
Any of the above
✅ The correct answer is D.
Administrator
250. How trial balance shows the accumulated depreciation?
as a debit item
as a credit item
It doesn’t show
Answer: Option B
✅ The correct answer is B.
Trial balance shows the accumulated depreciation as a credit item. Accumulated depreciation has a credit balance, because it aggregates the amount of depreciation expense charged against a fixed asset.
Trial balance shows the accumulated depreciation as a credit item. Accumulated depreciation has a credit balance, because it aggregates the amount of depreciation expense charged against a fixed asset.
251. Amortization of unidentified intangible assets is in terms of
Conservatism concept
Materiality concept
Matching concept
Cost concept
✅ The correct answer is C.
Amortization of unidentified intangible assets is in terms of Matching concept. In the Matching Concept of Accounting, all the expenses matched with the revenue of an accounting period should only be taken into consideration.
Amortization of unidentified intangible assets is in terms of Matching concept. In the Matching Concept of Accounting, all the expenses matched with the revenue of an accounting period should only be taken into consideration.
2699. In a normal accounting period, allocated amount of indirect cost is $2000 and actual amount is $2200, then this is classified as
over allocated budget
under allocated budget
under allocated indirect cost
over allocated direct cost
✅ The correct answer is A.
In a normal accounting period, allocated amount of indirect cost is $2000 and actual amount is $2200, then this is classified as over allocated budget because allocated amount is less than actual amount.
In a normal accounting period, allocated amount of indirect cost is $2000 and actual amount is $2200, then this is classified as over allocated budget because allocated amount is less than actual amount.
2700. State which of the following assets is beyond the scope of the creditors.
Ramakant’s indebtedness after his demise can lead to the creditors taking away his property
Ramakant’s bank accounts can be attached to clear off his debts
Mutual funds proceeds can be attached by the creditors
Term policy proceeds under MWP Act
✅ The correct answer is D.
Term policy proceeds under MWP Act is beyond the scope of the creditors. If the Insurance policy was purchased under MWP Act, creditors cannot claim any amount from the policy proceeds and thus the claimed amount becomes available to the nominees.
Term policy proceeds under MWP Act is beyond the scope of the creditors. If the Insurance policy was purchased under MWP Act, creditors cannot claim any amount from the policy proceeds and thus the claimed amount becomes available to the nominees.
2701. Trading procedures dimensions include
location dimension
method of matching orders
price dimension
Both A and B
✅ The correct answer is D.
Trading procedures dimensions include location dimension and method of matching orders. Trading process consists of two major steps Order openingand Order closing.
Trading procedures dimensions include location dimension and method of matching orders. Trading process consists of two major steps Order openingand Order closing.
2702. What are the types of Annuities?
Immediate Annuity
Deferred Annuity
Both A & B
None of the three
✅ The correct answer is C.
Immediate Annuity and Deferred Annuity are the types of Annuities.
An immediate annuity is an insurance product that gives the buyer a guaranteed stream of income in exchange for a lump sum of cash.
A deferred annuity is an insurance contract designed for long-term savings. Unlike an immediate annuity, which starts annual or monthly payments almost immediately, investors can delay payments from a deferred annuity indefinitely. During that time, any earnings in the account are tax-deferred.
Immediate Annuity and Deferred Annuity are the types of Annuities.
An immediate annuity is an insurance product that gives the buyer a guaranteed stream of income in exchange for a lump sum of cash.
A deferred annuity is an insurance contract designed for long-term savings. Unlike an immediate annuity, which starts annual or monthly payments almost immediately, investors can delay payments from a deferred annuity indefinitely. During that time, any earnings in the account are tax-deferred.
252. If debit balances = credit balances, trial balance only shows or checks the _________ and it does not indicate that no errors were made during recording and posting.
Arithmetic accuracy
Errors of commission
Omissions of economic events
Understatements of balances
✅ The correct answer is A.
If debit balances = credit balances, trial balance only shows or checks the Arithmetic accuracy and it does not indicate that no errors were made during recording and posting.
If debit balances = credit balances, trial balance only shows or checks the Arithmetic accuracy and it does not indicate that no errors were made during recording and posting.
248. Which one of the following accounting equations is correct?
Assets = Owner’s equity
Assets = Liabilities + Owner’s equity
Assets = Liabilities – Owner’s equity
Assets + Liabilities = Owner’s equity
✅ The correct answer is B.
Assets = Liabilities + Owner’s eq accounting equations is correct. It shows that a company’s total amount of assets equals the total amount of liabilities plus owner’s (or stockholders’) equity.
Assets = Liabilities + Owner’s eq accounting equations is correct. It shows that a company’s total amount of assets equals the total amount of liabilities plus owner’s (or stockholders’) equity.
2684. A partnership firm cannot raise funds through _________.
bank loan
partners loan
Debentures
partners capital
✅ The correct answer is C.
A partnership firm cannot raise funds through Debentures. A partnership passes through its taxable income (or loss) to its investors, thereby avoiding double taxation and allowing the partnership the option to retain working capital for growth.
A partnership firm cannot raise funds through Debentures. A partnership passes through its taxable income (or loss) to its investors, thereby avoiding double taxation and allowing the partnership the option to retain working capital for growth.