Multiple Choice Questions on Mention the net amount of lsquo Source rsquo or lsquo Use rsquo of cash when a fixed asset having bo........... for UPSC EPFO Exam Preparation

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Multiple Choice Questions

Mention the net amount of lsquo Source rsquo or lsquo Use rsquo of cash when a fixed asset having bo...........

General Accounting Principles cash flow statement
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    Mention the net amount of ‘Source’ or ‘Use’ of cash when a fixed asset having book value of Rs 15,000 is sold at a loss of Rs 5,000.

    Use Rs 5,000

    Incorrect Answer

    Source Rs 10,000

    Correct Answer

    Use Rs 15,000

    Incorrect Answer

    Source Rs 15,000

    Incorrect Answer
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    Explanation:

    Source = Rs. 15,000-Rs. 5,000(loss)=Rs.10,000

    Rs. 15,000 is a source of incomeIt is also called a flow of funds statement.

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