Question 12
A firm procured furniture with a useful life of three years for ₹ 75,000 for business purposes. The payments were made in cash. The amount spent on furniture will be treated as
Asset
Liability
Expenses
Income
Question 12: A firm procured furniture with a useful life of three ye…
Show answer
Correct answer
Asset
Question 12 of 25 in the IIT Madras BS Financial Forensics (Financial Forensics) Quiz 1 paper sat on 26 Feb 2023, in the January 2023 term (IIT M DEGREE AN4 EXAM QPE4 26 Feb 2023). It carries 1 mark.
This question was also asked in
More questions from this paper
- All of the following are property, plant, and equipment except:
- A current asset is:
- An intangible asset:
- Liabilities are generally classified on a balance sheet as:
- Which of the following would not be classified as a long-term liability?
- An owner of a business contributes ₹ 20,00,000 as capital. 30% of the amount was brought in cash and the remaining was …
- At the beginning of the month the company hired workers and employees for a total monthly remuneration of ₹ 65,000 paya…
- A company purchased machinery worth ₹ 7,50,000 on January 2nd from a vendor. The vendor offered a credit period of 50 d…
- A company purchased goods worth ₹ 3,40,000 from a supplier and the payment was made immediately through a cheque. What …
- XYZ Inc. purchased a fire insurance policy for an annual premium of ₹ 6,000 towards protection of goods up to ₹ 30,00,0…
- Sold goods worth ₹ 86,000 for ₹ 98,000. A cash discount of 10% was offered to the customer if payment is settled immedi…
- Goods worth ₹ 1,20,000 sold to Mr. Steve at a mark-up of ₹ 45,000. Steve made half of the payment immediately in cash a…
- Office stationeries procured for ₹ 17,800 and the payment was made through bank. The purchase of office stationaries wi…
- Mr. Steve purchased goods amounting to ₹ 1,00,000 from ABC Inc. Two days later Mr. Steve discovered that goods of ₹ 40,…
- An amount ₹1,00,000 was withdrawn from bank to finance working capital requirement of the business. The transaction wil…
- Goods costing ₹1,00,000 sold to Mr. Erwin for ₹ 1,55,000. Sales proceeds were realized in full. The value entered as co…
- An amount of ₹ 2,50,000 was spent towards advertisement and sales promotion activities. The payment was made through ch…
- Business took a loan of ₹ 5,00,000 from XYZ Bank. The transaction will result in
- Goods costing ₹ 19,000 was taken by the owner from business for personal use. The value of the goods taken by the owner…
- Total salaries accrued for the month is ₹ 65,000, but only 50% of it was paid at the end of the month and the rest was …
- What is the cash flow from operating activities?
- What is the cash flow from financing activities
- What is the cash flow from investing activities
- What is the total cash flow of the company at the end of the year