Fixed Assets Interview Question:

what is fectitious assets?
what is ment by cash book and day book and general leder?
Employee salary deductions under section of the income tax act of india?

Submitted by: Administrator

Fictitious Assets :These are the assets which can not be seen, but exist in the business.

ex: Goodwill, patents, etc

Cash Book: It is one of the Subsidiary Book which is generally used by any business organisation to record all the cash transactions which helps to know the cash position as and when desired. In it all the entries will be recorded. Generally the cash book can be balanced once in a month.

Day Cash book: It is the book maintained by accountant to record all the cash transactions with takes place during the day (it can be receipt or payment). At later stage these will be posted into cash book.

General Ledger : While preparing Trial balance to check the arithmetical accuracy, some times the debit and credit balances may not tally, to make the process easy the accountant will open an account named General Ledger to post the entries which r causing balancing problem.

straight line method is calculated based on the original cost and year by year the dep will remain the same, but in the nbv the dep we will calculate based on the original cost.
Submitted by: Administrator