RTR Compendium

Fixed Assets are assets that are expected to be used during one accounting period.

• True

• False

A statutory or tax related journal entry is considered highly critical.

• True

• False

Fixed assets are assets held for sale in the normal course of business.

• True

• False

Depreciation for fixed assets starts running as soon as the purchase order has been created.

• True

• False

Inter-Company transactions happen between two or more entities within the same legal entity or company.

• True

• False

Intra-Company transactions happen between two or more related internal legal entities within common control under the same enterprise.

• True

• False

The Accrual Concept of accounting assumes that as benefit is earned, there is a need to book the related expenses even if it is not paid yet.

• True

• False

A well-designed Intercompany System has difficulty in matching and reconciling transactions, delayed settlements, and high volume of disputed transactions.

• True

• False

Accenture Planning & Control (APC) Tool provides a facility to capture, track, and report on a variety of tasks and actions within Accenture’s financial close calendars.

• True

• False

Costs of dismantling and removing the item and restoring the site on which it is located should be included in the cost of the asset.

• True

• False