Which of the following are/is not a fixed asset?
Correct answer: D. Both A. and C. above
- A. Stock
- B. Vehicle
- C. Fixed deposit in bank
- D. Both A. and C. above
Explanation
Stock is a current asset, while a bank fixed deposit is an investment rather than a fixed asset used in operations. Thus both stock and fixed deposit are not fixed assets.
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About Financial Statements
Financial statements present a business's financial performance and position through the income statement, statement of financial position, cash flow statement and changes in equity. Questions involve preparing and interpreting these statements, adjusting entries, depreciation, closing inventory, accrued and prepaid items, and distinguishing profit from cash flow.
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Accounting is on 2 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
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