GK
ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Revalued amount substituted for historical cost of fixed assets, the method adopted to compute the revalued amounts, the nature of any indices used, the year of any appraisal made and whether an external valuer was involved, in case where fixed assets are stated at revalued amounts
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Gross and net book values of fixed assets at the beginning and end of an accounting period showing additions, disposals, acquisitions and other movements
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Expenditure incurred on account of fixed assets in the course of construction or acquisition
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All of the above
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Detailed explanation-1: -(iii) Revalued amounts substituted for historical costs of fixed assets, the method adopted to compute the revalued amounts, the nature of indices used, the year of any appraisal made, and whether an external valuer was involved, in case where fixed assets are stated at revalued amounts.
Detailed explanation-2: -AS 10 is a standard that applies to fixed assets that are owned jointly with others. AS 10 deals with the accounting for assets that have been put up for sale and fixed assets that have been retired from active use.
Detailed explanation-3: -A company’s fixed assets are reported in the noncurrent (or long-term) asset section of the balance sheet in the section described as property, plant and equipment. The fixed assets except for land will be depreciated and their accumulated depreciation will also be reported under property, plant and equipment.
Detailed explanation-4: -17.1 Certain specific disclosures on accounting for fixed assets are already required by Accounting Standard 1 on ‘Disclosure of Accounting Policies’ and Accounting Standard 6 on ‘Depreciation Accounting’.