Question
Which of the following assets is a non-depreciable
asset?Solution
Non-depreciable assets are those assets that do not lose their value over time and are not subject to depreciation expense. Land is a non-depreciable asset because it does not have a determinable useful life. The cost of land is not subject to depreciation, although improvements made to the land may be depreciable. One may have confusion regarding patent, to clarify patents are generally amortized over their useful life, which is the period over which the patent is expected to provide economic benefits. The amortization expense is recognized as an operating expense on the company’s income statement and is used to allocate the cost of the patent over its useful life.
An auditor resigns from a listed company. Within how many days must they file Form ADT-3?
In variance analysis, which variance helps management identify whether quantity of materials used is efficient?
What is the minimum outstanding balance in a non-performing borrowal account that requires reporting as a willful default?
Under the Expected Credit Loss (ECL) model, how are trade receivables without a significant financing component measured for impairment?
Within how many days an employee can apply for gratuity from the date when gratuity becomes payable?
Which of the following assessee is not liable to pay advance tax u/s 207?
What is the rate of subsidy under PMEGP for a General Category beneficiary setting up a project in a rural area?
Sales = Rs. 50,000/-, G.P. on sales is 10%, Purchases 40,000/-, Opening Stock
= 70,000/-, Find the closing stock.
This kind of audit is conducted generally between two annual audit ______.
What is the taxable event under GST?
