In the Balance Sheet, 'Patents' are shown under: MCQ with Answer and Explanation

Question
In the Balance Sheet, 'Patents' are shown under:
A. Current liabilities
B. Investments
C. Current assets
D. Fixed assets – Intangible
Answer: Option D
Solution (By JKSSB Mock Tests)
Patents are intangible fixed assets.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
In cost accounting, the term 'Opportunity Cost' means:
A. The depreciation cost
B. The cost of raw materials
C. The actual cost incurred
D. The benefit foregone by choosing one alternative over another
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Correct Answer: Option D

Explanation:
Opportunity cost is the potential benefit that is given up when one alternative is selected over another.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Safeguards' against threats to independence may be:
A. Only regulatory
B. Created by the profession, legislation, or within the client's organisation
C. None
D. Only internal
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Correct Answer: Option B

Explanation:
Safeguards are measures that eliminate or reduce threats to an acceptable level.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A ledger is primarily a book of:
A. Final entry only
B. Original entry
C. Secondary entry
D. Memorandum entry
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Correct Answer: Option C

Explanation:
Ledger is a book of secondary entry where transactions are posted from journal or subsidiary books.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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