Question { Deloitte, 20644 }

what do you mean acculmated depreciation?

Answer

It refers to total value amortised over the year on
systematic basis. Objective of keeping accumulate
depreciation (AD A/c) separately is to write down the
distributable profit and keep such amount of profit
separately in AD A/c to purchase new asset after existing
assets lost it value.

Question { Ferguson, 9757 }

what is audit & activities of auditor?

Answer

Audit refers to examination of books of Accounts with
objective to get ensure that whether entries in books of
accounts are correctly done, Balance on financial Statement
are in agreement with book of accounts balance, all
relevant accounting standards and relevant applicable law
were followed in preparation of financial statement and
finally give opinion that whether financial statement
refelect true and fair view of enterprises.

Question { 6289 }

what is mean FOB?

Answer

FOB (Free on Board) is type of price which related to
imported goods. it means price of imported goods at time of
clearance of said goods to shipping company for the purpose
of export in country of exportation. This price is relevant
for calculation of Assessable value u/s 14 of The Custom
Act read with Rule 10(i) of Custom Valuation (Determination
of Price of Imported goods) Rule 2007 in case country of
Importation is India.

Answer by : bishwajeet.singh21@gmail.com