A machinery was purchased on 1^st January 2000 at a cost of Rs. 1,20,000 and was depreciated by diminishing balance method at the rate of 15% p.a. It was sold on 31^st March 2002 for Rs. 80,000 what was the loss on sale of machine

Accounting provides information on

A. Cost and income for managers

B. Company's tax liability for a particular year

C. Financial conditions of an institutions

D. All of the above

The long term assets that have no physical existence but are rights that have value is known as

A. Current assets

B. Fixed assets

C. Intangible assets

D. Investments

The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

A. Current assets

B. Fixed assets

C. Intangible assets

D. Investments

Patents, Copyrights and Trademarks are

A. Current assets

B. Fixed assets

C. Intangible assets

D. Investments