An increase in the value of a fixed asset is credited to: MCQ with Answer and Explanation

Question
An increase in the value of a fixed asset is credited to:
A. Capital Reserve
B. Revaluation Reserve
C. Profit & Loss Account
D. General Reserve
Answer: Option B
Solution (By JKSSB Mock Tests)
Increase in value on revaluation is credited to Revaluation Reserve, as per AS 10.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Under Schedule III of the Companies Act 2013, 'Trade Receivables' are classified under:
A. Inventories
B. Current Assets
C. Non-Current Assets
D. Cash and Cash Equivalents
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Correct Answer: Option B

Explanation:
Trade receivables (Debtors and Bills Receivable) expected to be realized within 12 months are classified as Current Assets.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Cash Flow Statement as per AS 3 classifies activities into:
A. Operating, Investing, and Financing
B. Revenue and Capital
C. Direct and Indirect
D. Current and Non-current
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Correct Answer: Option A

Explanation:
AS 3 requires classification into operating, investing, and financing activities.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The Indian Partnership Act that governs general partnerships is of the year:
A. 2013
B. 1932
C. 1956
D. 1930
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Correct Answer: Option B

Explanation:
The Indian Partnership Act was enacted in 1932.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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