CoolInterview.com - World's Largest Collection of Interview Questions & Answers, FAQs, queries, sample papers, exam papers, dumps, what, why, how, where, when questions
Our Services
Get 9,000 Interview Questions & Answers in an eBook.




Get it now !!
Send your Resume to 6000 Companies
Fixed Assets Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM ACCOUNTS INTERVIEW QUESTIONS FIXED ASSETS INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Fixed Assets Interview Questions & Answers - Learning Mode

Fixed assets are a company's tangible, noncurrent assets that are used in its business operations. A common example of fixed assets is a manufacturer's plant assets such as its buildings and equipment. The word fixed indicates that these assets will not be used up or consumed or sold in the current accounting year. A fixed asset is a long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be consumed or converted into cash any sooner than at least one year's time. Fixed assets are sometimes collectively referred to as "plant."

Try Fixed Assets Interview Questions & Answers - Exam Mode
Subcategories for Fixed Assets Interview Questions & Answers - Learning Mode

Following are sub categories for which Interview Questions & Answers are available under Fixed Assets Interview Questions & Answers - Learning Mode. Please select the appropriate sub-category:-

Intangible Assets Interview Questions & Answers (0) Learning Mode | Exam Mode

Tangible Assets Interview Questions & Answers (1) Learning Mode | Exam Mode

1

Sort By : Latest First | Oldest First | By Rating

Fixed Assets Interview Questions & Answers - Learning Mode
Try Fixed Assets Interview Questions & Answers - Exam Mode
Question: Define what is meant by the terms "capital" and "revenue" items in connection with fixed assets.

Answer: The amount invested to purchase an fixed asset and the benfits of the asset is used for more than 1 year then the amount spent is said to be of capital nature. The amount spent on repair and maintenace of fixed asset and the benefit for the expenditure for for less than 1 year then the amount spent is said to be of revenue in nature. Source: CoolInterview.com
Question: How to change asset class in fixed asset module in SAP? I made a wrong entry regarding the asset class.

Answer: There is no way you can change the Asset class, the only way is to create a new Asset code with correct Asset class and the transfer the value of asset to new asset code thru transaction ABUMN(tRANSFER OF ASET WITH IN COMPANY) Source: CoolInterview.com
Question: What are the various means of calculating depreciation?



Answer: Straight Line - divide the NBV by the number of periods of it's useful life. 4-4-5 - similar to straight line but calculated by number of weeks in a period.


Source: CoolInterview.com
Question: What is the difference between the different depreciation methods



Answer: Different Methods Of Dpn .

Straight Line Method

Diminishing Value Method

Annuity Method

Depletion Method

Written Down value Method
Source: CoolInterview.com
Question: What is fectitious assets?
What is meant by cash book and day book and general leder?
Employee salary deductions under section of the income tax act of india?


Answer: Fictitious Assets :<br><br>These are the assets which can not be seen, but exist in the business.<br><br>ex: Goodwill, patents, etc<br><br>Cash Book: It is one of the Subsidiary Book which is generally used by any business organisation to record all the cash transactions which helps to know the cash position as and when desired. In it all the entries will be recorded. Generally the cash book can be balanced once in a month.<br><br>Day Cash book: It Source: CoolInterview.com
Question: What experience have you had in fixed assets accounting?



Answer: Maintenance charges, depreciation Source: CoolInterview.com
Question: What are the various means of calculating depreciation?



Answer: 1. Double declining method

2. Units of production method

3. Straight-line method

4. Sum of year digit method
Source: CoolInterview.com
Question: After run depreciation i have forget calculate depreciation of one asset then how to calculate depreciation of that asset



Answer: if u forgot depreciation we have to follow the preliminary principal of the depreciation. That is

value of asset/life time of asset*100.
Source: CoolInterview.com
Question: Give me an example of any major problem you faced and how you solved it?

Answer: No answer available currently.
Question: When an asset completed its life period in the books of account, and we sale that asset then what is the entry in the books of account?

Answer: An org should have 2 a/c codes , 1 for fixed asset and the other for depreciation for the same asset.When the asset is purchased ,pass Asset A/c --Dr.
To Supplier A/c
For depreciation, Depreciation A/c --Dr., To Asset /c., in this way after total depreciation entries,the asset balance gets turned to ZERO. Then if the asset is sold,
Bank a/c --- Dr.
To Income A/c
Source: CoolInterview.com
Question: Company 'A' purchase Motor Vehicle amounted RM 12,000 from Company B. Company B is also creditor Company A. Company B want to set off with their account RM9,000. Please help me what transaction happen. Debit and Credit entry.

Answer: Set off cannot take place as because A Co is a debtor in the book of B co, and after the sale transaction the debtors balance increased.
to set off any debtor a credit transaction should take place.
Source: CoolInterview.com

1



India News Network
Latest 20 Questions
Payment of time- barred debt is: (a) Valid (b) Void (c) Illegal (d) Voidable
Consideration is defined in the Indian Contract Act,1872 in: (a) Section 2(f) (b) Section 2(e) (c) Section 2(g) (d) Section 2(d)
Which of the following is not an exception to the rule, "No consideration, No contract": (a) Natural love and affection (b) Compensation for involuntary services (c) Completed gift (d) Agency
Consideration must move at the desire of: (a) The promisor (b) The promisee (c) The promisor or any other party (d) Both the promisor and the promisee
An offer which is open for acceptance over a period of time is: (a) Cross Offer (b) Counter Offer (c) Standing Offer (d) Implied Offer
Specific offer can be communicated to__________ (a) All the parties of contract (b) General public in universe (c) Specific person (d) None of the above
_________ amounts to rejection of the original offer. (a) Cross offer (b) Special offer (c) Standing offer (d) Counter offer
A advertises to sell his old car by advertising in a newspaper. This offer is caleed: (a) General Offer (b) Special Offer (c) Continuing Offer (d) None of the above
In case a counter offer is made, the original offer stands: (a) Rejected (b) Accepted automatically (c) Accepted subject to certain modifications and variations (d) None of the above
In case of unenforceable contract having some technical defect, parties (a) Can sue upon it (b) Cannot sue upon it (c) Should consider it to be illegal (d) None of the above
If entire specified goods is perished before entering into contract of sale, the contract is (a) Valid (b) Void (c) Voidable (d) Cancelled
______________ contracts are also caled contracts with executed consideration. (a) Unilateral (b) Completed (c) Bilateral (d) Executory
A offers B to supply books @ Rs 100 each but B accepts the same with condition of 10% discount. This is a case of (a) Counter Offer (b) Cross Offer (c) Specific Offer (d) General Offer
_____________ is a game of chance. (a) Conditional Contract (b) Contingent Contract (c) Wagering Contract (d) Quasi Contract
There is no binding contract in case of _______ as one's offer cannot be constructed as acceptance (a) Cross Offer (b) Standing Offer (c) Counter Offer (d) Special Offer
An offer is made with an intention to have negotiation from other party. This type of offer is: (a) Invitation to offer (b) Valid offer (c) Voidable (d) None of the above
When an offer is made to the world at large, it is ____________ offer. (a) Counter (b) Special (c) General (d) None of the above
Implied contract even if not in writing or express words is perfectly _______________ if all the conditions are satisfied:- (a) Void (b) Voidable (c) Valid (d) Illegal
A specific offer can be accepted by ___________. (a) Any person (b) Any friend to offeror (c) The person to whom it is made (d) Any friend of offeree
An agreement toput a fire on a person's car is a ______: (a) Legal (b) Voidable (c) Valid (d) Illegal
Cache = 0.689453 Seconds