61. Which type of asset class includes those assets which have only definite use and become valueless when the yield is over? A. Fixed asset B. Current asset C. Fictitious asset D. Wasting asset Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option D No explanation is given for this question Let's Discuss on Board
62. Cash Purchases: A. Increases assets B. Results in no change in the total assets C. Decreases assets D. Increases liability Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option C No explanation is given for this question Let's Discuss on Board
63. Payment of salary is recorded by: A. Debiting salary a/c; crediting cash a/c B. Debiting cash a/c; crediting salary a/c C. Debiting employee a/c; crediting cash a/c D. Debiting employee a/c; crediting salary a/c Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option A No explanation is given for this question Let's Discuss on Board
64. Payment received from Debtor: A. Decreases the Total Assets B. Increases the Total Assets C. Results in no change in the Total Assets D. Increases the Total Liabilities Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option C No explanation is given for this question Let's Discuss on Board
65. Accountant should follow the same principles of accounting continuously is as per which accounting convention: A. Convention of conservatism B. Convention of full disclosure C. Convention of consistency D. None of these Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option C No explanation is given for this question Let's Discuss on Board
66. Cost accounting is applied to: A. Public undertakings only B. Large business enterprise only C. Small business concerns only D. Manufacturing and service concern Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option D No explanation is given for this question Let's Discuss on Board
67. Franking machine is used for- A. Folding letters B. To sew the envelope C. In sealing the envelops D. Printing of stamp on envelops Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option D No explanation is given for this question Let's Discuss on Board
68. Which of the following is a real (permanent) account? A. Goodwill B. Sales C. Accounts Receivable D. Both Goodwill and Accounts Receivable Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option D No explanation is given for this question Let's Discuss on Board
69. Which of the following functions is managerial accounting intended to facilitate? A. Planning B. Decision making C. Control D. All of these Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option D No explanation is given for this question Let's Discuss on Board
70. The revenue recognition principal dictates that all types of incomes should be recorded or recognized when: A. Cash is received B. At the end of accounting period C. When they are earned D. When interest is paid Answer & Solution Discuss in Board Save for Later Answer & Solution Answer: Option C No explanation is given for this question Let's Discuss on Board