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The 'physical capital maintenance' concept states that profit is the increase in the physical productive capacity of the business over the period. This concept is applied in:

A. Current cost accounting
B. Historical cost accounting
Current value accounting
D. Current purchasing power accounting

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Which method of accounting adjusts income and capital values to allow for the effects of general price inflation?

A. Historical cost accounting
B. Current purchasing power accounting
Current cost accounting
D. Current value accounting

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Under current cost accounting, goods sold are charged to profit or loss at:

A. Historical cost
B. Replacement cost
C. Net realisable value
D. Economic value

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An aircraft requires a planned overhaul each year at a cost of $5,000 every three years. This is a condition of being allowed to fly. How should the cost of the overhaul be treated in the financial statements? Select the correct option from those stated here:

Accrued for over the year and charged to maintenance expenses
B. Provided for in advance and charged to maintenance expenses
Capitalised and depreciated over the period to the next overhaul
D. Charged to profit or loss when the expenditure takes place

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Auckland Co purchased a machine for $60,000 on 1 January 20X7 and assigned it a useful life of 15 years. On 31 March 20X9 it was revalued to $64,000 with no change in useful life.What will be depreciation charge in relation to this machine in the financial statements of Auckland Co for the year ending 31 December 20X9?

A. $4,765
B. $4,700
C. $4,600
D. $4,665

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The 'physical capital maintenance' concept states that profit is the increase in the physical productive capacity of the business over the period. This concept is applied in:

A. Current cost accounting B. Historical cost accounting Current value accounting D. Current purchasing power accounting

Which method of accounting adjusts income and capital values to allow for the effects of general price inflation?

Under current cost accounting, goods sold are charged to profit or loss at:

An aircraft requires a planned overhaul each year at a cost of $5,000 every three years. This is a condition of being allowed to fly. How should the cost of the overhaul be treated in the financial statements? Select the correct option from those stated here:

A. Current cost accounting
B. Historical cost accounting
Current value accounting
D. Current purchasing power accounting