Argent necessitate plz make available its solution?
5. Reporting Inventory at lower of cost or market value is a departure from the accounting principle of:
a. Full disclosure
b. Historical cost
c. Consistency
d. Conservatism
6. How masses days notice is given to member for holding annual standard meeting?
a. 60days
b. 30days
c. 40days
d. 21days
7. The term significant influence is
a. Ability to involve yourself in but not to control financial/management affair.
b. Ability to participate and to control financial/management affair.
c. Ability neither to control nor to participate contained by financial affair
d. None of the above
8. A plant has a capacity of making 20,000 unit. Now the plant has been closed for annual repair and maintain. Engineers made an invoice of Rs.100,000. Now you are the finance manager of a company. What will be the possible accounting treatment you made?
a. Treated as subsequent expense and put in it in the asset carrying amount.
b. Treated as normal expense and charged it against revenue
c. Treated as irrelevant c
Answers: 5b - if inventories are stated potentially at flea market value if lower than cost then clearly they depart from the principle of historical cost
6d - don't know which country you're contained by but 21 days in UK
7b significant influence is exercised when the investor is actively involved and is influential in the direction of the investee through its taking part in policy decisions
8b clearly this is a regular annual charge and should be written sour as incurred
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a. Full disclosure
b. Historical cost
c. Consistency
d. Conservatism
6. How masses days notice is given to member for holding annual standard meeting?
a. 60days
b. 30days
c. 40days
d. 21days
7. The term significant influence is
a. Ability to involve yourself in but not to control financial/management affair.
b. Ability to participate and to control financial/management affair.
c. Ability neither to control nor to participate contained by financial affair
d. None of the above
8. A plant has a capacity of making 20,000 unit. Now the plant has been closed for annual repair and maintain. Engineers made an invoice of Rs.100,000. Now you are the finance manager of a company. What will be the possible accounting treatment you made?
a. Treated as subsequent expense and put in it in the asset carrying amount.
b. Treated as normal expense and charged it against revenue
c. Treated as irrelevant c
Answers: 5b - if inventories are stated potentially at flea market value if lower than cost then clearly they depart from the principle of historical cost
6d - don't know which country you're contained by but 21 days in UK
7b significant influence is exercised when the investor is actively involved and is influential in the direction of the investee through its taking part in policy decisions
8b clearly this is a regular annual charge and should be written sour as incurred