Fixed Assets Interview Preparation Guide
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Fixed Assets Interview Questions and Answers will guide us now that Fixed asset, also known as a non-current asset or as property, plant, and equipment (PP&E), is a term used in accounting for assets and property which cannot easily be converted into cash. So learn more about the Fixed Assets with the help of this Fixed Assets Interview Questions with Answers guide and get a better job or get a preparation for a job interview of Fixed Assets based job

9 Fixed Assets Questions and Answers:

1 :: What are fixed asset?

fixed asset are assest which gives the business future benfife

Fixed assets are those which are tangiable in nature and is not meant for sale in the near future and from which future benefits are derived.

Fixed Assets are those which are tangible and used for running the day to day business which are owned. As they are utilised for business, we save a part of the profit earned in the business to replace these Assets when they worn out.
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2 :: what is fectitious assets?
what is ment by cash book and day book and general leder?
Employee salary deductions under section of the income tax act of india?

Fictitious Assets :These are the assets which can not be seen, but exist in the business.

ex: Goodwill, patents, etc

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.

Day Cash book: It is the book maintained by accountant to record all the cash transactions with takes place during the day (it can be receipt or payment). At later stage these will be posted into cash book.

General Ledger : While preparing Trial balance to check the arithmetical accuracy, some times the debit and credit balances may not tally, to make the process easy the accountant will open an account named General Ledger to post the entries which r causing balancing problem.

straight line method is calculated based on the original cost and year by year the dep will remain the same, but in the nbv the dep we will calculate based on the original cost.
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3 :: What is the difference between debenture holders and creditors?

Debentureholder are those who provides long term loan at specific interest rate in term of cash and creditor provides only short term credit in term of cash for purchasing of goods.
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4 :: What are the various means of calculating depreciation?

1. Double declining method

2. Units of production method

3. Straight-line method

4. Sum of year digit method

Depreciation Fund Method Insurance Method Annuty Method
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5 :: After run depreciation i have forget calculate depreciation of one asset then how to calculate depreciation of that asset?

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

value of asset/life time of asset*100.
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