When an asset is sold, the entries for the accumulated depreciation are; debit
Assets disposal account; credit provision for depreciation account
Provision for depreciation account; credit asset disposal account
Fixed asset account; credit asset disposal account
Asset disposal account; credit fixed asset account
Correct answer is B
Debit cash for the amount received, debit all accumulated depreciation, debit the loss on sale of asset account, and credit the fixed asset.
The sum of direct cost in a manufacturing account is
Production cost
Prime cost
Total cost
Finance cost
Correct answer is B
Prime cost is the direct cost of a commodity in terms of the materials and labour involved in its production, excluding fixed costs.
Which of the following is not a purpose for which share premium may be utilized?
Issuing fully oaid bonus share
Writing off preliminary expenses
Settling salesman commission
Providing for redeemable preference
Correct answer is C
No explanation has been provided for this answer.
The first calculating machine in data processing was
Abacus
Pascal
Punched cards
Digital
Correct answer is A
No explanation has been provided for this answer.
The going concern concept assumes that
Every transaction is represented by a debit and credit entry
The currency much not change
The firm is a legal entity
The business will continue to operate indefinitely
Correct answer is D
No explanation has been provided for this answer.