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Fixed Assets Interview 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."

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

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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:
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:
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
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:
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.

Question: What experience have you had in fixed assets accounting?

Answer: Maintenance charges, depreciation Source:
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
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.
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
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.


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Latest 20 Questions
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