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Fixed Assets Interview Questions

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What are the journal entries which get passed from asset purchasing to asset retirement

Asked By: jayapraksh | Asked On: Oct 17th, 2006

Answered by: Amit jha on: Sep 30th, 2014

When Asset is Purchase
Asset A/c..........Dr
To Cash/Bank/Creditor
When Asset is Retire
Debtor/Bank/Asset Written off.........Dr
Accumulated Depreciation A/c..........Dr
Loss on Machinery A/c.....................Dr
To Assets A/c
To Profit on Assets

Answered by: uMESH on: Aug 11th, 2014

Asset Purchase- Fixed Asset A/c Dr To Cash/Bank, Depriciation charge- (Monthly) Depriciation A/c Dr To Accumulated Depriciation, Asset sold- Cash/Bank A/c..Dr Accumulated Depriciation,Loss on sal...

Capitalisation of fixed assets

Asked By: chitrakandasami | Asked On: Mar 18th, 2010

What is capitalisation of fixewd assets? Explain with example?

Answered by: Rashmikanta Sahoo on: Oct 30th, 2013

Capitalization means to add the value with WDV of the assets . Here value means the expenditure incurred related to the assets, increase the capacity of assets and it also related to expenditure for...

Answered by: krishnahr13 on: Jun 28th, 2010

If a company purchase plant & machinery for its factory use by investing large amount of money and assume that expected life of P&M is 10 years and which generates revenve for the co...

Simply specify what is fixed assets & their components?

Asked By: arjunvenkat | Asked On: Nov 24th, 2012

What is asset book and what are the mandatory setups for this & what are the validation types in fixed assets?

Answered by: kamal on: Jul 11th, 2013

Fixed asset is which ever item is not transferable into cash easily is nothing but fixed asset

Appreciation of an asset

Asked By: shruti lohani | Asked On: Sep 16th, 2011

What are direct and indirect tax? What do you mean by appreciation of assets? Explain with an example

Answered by: Divakar B on: Nov 28th, 2012

Direct taxes are nothing but , collecting tax by govt directly from the specified assesses, example is Income tax , wealth tax. Where as indirect taxes are collecting indirectly from consumers say u ...

Answered by: kotresh on: Sep 9th, 2012

Appreciation means increasing value of an asset.

Example:Land....

Large start up costs, can they be capitalized

Asked By: Marla | Asked On: Apr 10th, 2012

Can start up costs associated with getting a new location up and running within your business be capitalized even though they are non-capital items?

Answered by: Divakar B on: Nov 28th, 2012

As per Accounting standard 16 specified by ICAI , Borrowing cost, Interest cost even though non capital in nature which must be capitalized if they incurred for acquisition of Qualifying capital asset...

Why do we calculate loans & advance on the asset side of the balance sheet?

Asked By: mrforever | Asked On: Jan 22nd, 2008

Answered by: Hanumantharaya.D on: Nov 27th, 2012

Loans & advance shown on the asset side of the balance sheet because this is assets now that why we are shown in the asset side of the balance sheet.

Answered by: santosh kumar on: Aug 1st, 2011

Loans and advance showing in asset side in BS

Loans and advances is an repayable item to the company so its shown in asset side in BS

What is the rate of PF and ESI in priVATe limited company ?

Asked By: rajprit24 | Asked On: Dec 17th, 2007

What is the current rate(%) of PF and ESI in priVATe ltd. Companyi have needed for my current jobthanks & rgds.Rajesh

Answered by: Nikhil Jain on: Jun 8th, 2012

What is a pf, Esi Rate A.S. Year 2011-12

Answered by: pradipaapu on: Jun 25th, 2009

PF Contribution Rate : 12 % by employee & 12 %  by Company on BASIC SALARY + DA + HRAESI Contribution Rate : 1.75% by Employee & 4.75 % by Company on BASIC SALARY + DA + HRA

Depreciation

Asked By: swat13 | Asked On: Dec 15th, 2008

Which are the methods of depreciation?

Answered by: Ashrita sahoo on: Nov 2nd, 2011

SLM method & WDV method

Answered by: simssaurabh on: Oct 16th, 2011

DEPRECIATION METHODS: Fixed assets differ from each other in their nature so widely that the same depreciation methods cannot be applied to each. The following methods have therefore been evolved for ...

Transfer an asset

Asked By: logavathi | Asked On: Sep 19th, 2011

How to transfer asset work in progress to capital ?

Do we depreciate paintings and antiques?

Asked By: Shuggy4321 | Asked On: Jun 10th, 2010

If we do why it would not appreciate in value?

Answered by: Aditya on: Aug 12th, 2011

Depreciation refers to decrease in the value of assets due to fear of obsolete and use, in-fact most of the assets have limited useful life. but there are some examples like land value of which almos...

Asset life cycle

Asked By: manu.chakri | Asked On: Aug 26th, 2009

What is asset life cycle?

Answered by: huzefa on: Aug 8th, 2011

The FA cycle is -
1. Procurement
2. Deployment
3. Usage / Consumption
4. Upgradation
5. Disposal.

These are the stages of a Fixed asset.

Answered by: huzefabhori on: Nov 8th, 2010

The Asset Lifecycle contains the following:1. Procurement of the asset.2. Deployment of asset.3. Use of Asset.4. Upgrading the asset if required.5. Decommissioning the asset6. Disposal or salvage of asset.

Which depreciation is superior WDV or SLM and why?

Asked By: huzefabhori | Asked On: Nov 8th, 2010

Answered by: anoop singh on: Aug 8th, 2011

WDV method is better method to calculate depreciation. In initial years cost of product reduced more and WDL record depreciation higher in initial years.

Answered by: Sohaib Abbas on: Mar 25th, 2011

A.A We can decided which method of deprecation is best on the basis of usefulness (benefits) provided by the asset.When we prefer SLM:-we preferred SLM where the equal amount of  benefit is derived ...

Expense as asset

Asked By: m_adel87 | Asked On: Dec 25th, 2009

How to determine whether an expense is an asset or not? When you receive an invoice that shows that the company has purchased a tool or something, what makes you think this thing is an asset or it's an expense. Is it the price of it or what?

Answered by: huzefabhori on: Nov 8th, 2010

The expenses can only be capitalised in the following circumstances:1. It must be related with the asset.2. It must be essential to make the asset in working condition.3. It must be above the capitalisation limit as per the prescribed policies.

Answered by: sudhi0381 on: Sep 21st, 2010

The amount spent on acqusition of an asset is Expenditure and not as Expense. The nature of expenditure, the benifit of which will be lost for more than an year and the expenditure would be for purchase of an asset which will be used in enhanced production and not for resale.

Idle assets

Asked By: Shuggy4321 | Asked On: Jun 10th, 2010

If an asset is classed as idle and has not been used in years but continues to depreciate is the accounting treatment to dispose of asset/write it down to a saleable value/stop depreciating it and keep it on the books, even although the asset would still be held within the company.For example a old machine...

How many types of fixed assets

Asked By: krishnareddy | Asked On: Nov 3rd, 2007

Answered by: hellomanishsharma on: Jun 9th, 2010

There are 2 types of Fixed Assets:Tangible fixed assets:  Tangible assets are those that have a physical substance and can be touched, such as Land, Building, furniture & Fixture, Plant &...

Answered by: Ravindar554 on: Sep 13th, 2008

There are 3 types of Fixed Asset:-1- Capitalized Assets2- CIP Assets3- Group Assets

Loading charges of fixed assets

Asked By: pavan Bhat | Asked On: May 18th, 2009

Can loading, unloading and installation charges during the time of shifting of the company be capitalised?

Answered by: hellomanishsharma on: Jun 9th, 2010

Loading, Unloading and Installation Charges during the time of shifting of the company cant be capitalised as such these Expenses are of (Opex) Operating Expenses nature.

Depreciation rate

Asked By: kikky | Asked On: Mar 19th, 2010

What are the changes caused by changes made on depreciation rate on the opening balance of the current financial transaction?

Explain the following methods

Asked By: Omkar C Kulkarni | Asked On: Aug 21st, 2009

Annuity method sinking method machine hour method production unit method.

Depreciation methods

Asked By: wafaanasr | Asked On: Feb 13th, 2008

I need simple example for all depreciation methods.Thank you so muchyousry nasremail yousrynasr@hotmail.Com

Answered by: blossambuddy on: Aug 6th, 2009

1. Fixed Instalment method 2. Written down value method3. Annuity method4. Sinking fund method5. Machine hour rate method6. Production units method7. Accelerated method

Answered by: Vansat on: Jun 11th, 2009

Following are the depriciation methods that are used in FA module: 1. Flat rate method 2. Calculated method3. Table method4. Formula method5. Production method6. STL7. DEMINISHING8. Time-Hour

Nature and accounting treatment for fixed asset

Asked By: ranjille060506 | Asked On: Mar 14th, 2008

Explain the nature and accounting treatment for fixed asset.

Answered by: balajinanduri on: Jul 8th, 2009

Once the asset is purchased it is recorded in the books of accounts by using money measurement concept. It takes in to account only the expenditure incurred for purchasing the asset.As per the company procedures depreciation will be calculated. Depreciation fund will be maintained.

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