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Categories >> Accounting >> Accounting AllOther
 
 


 

 
 Audit interview questions  Audit Interview Questions (422)
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 Accounting General interview questions  Accounting General Interview Questions (2777)
 Accounting AllOther interview questions  Accounting AllOther Interview Questions (4351)
Question
what is the meaning of preliminary expenses and how you 
shown in balance sheet
 Question Submitted By :: Laxman
I also faced this Question!!     Rank Answer Posted By  
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 1
Preliminary expenses which we paid incorporate the company.
that expenses shall be transfered to profit & loss a/c.for
some years.so it will be in current asset.
 
Is This Answer Correct ?    211 Yes 148 No
Rajesh
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 2
Preliminary expeneses are the nature of fictitious assets.
These are the formation expenses of the company before any
operation of the busines held. These are transferred to
the profit and loss accounts and written off every year
from the profits of the business. These expenses are shown
on the assets of the balance sheet under the head
misceallenous.
 
Is This Answer Correct ?    470 Yes 36 No
Jagadeesh.rt
 
 
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 3
Expenses incurred before the commencement of the business
are prelimary expenses and same will be deferred over the
period will be shown under Assets side of balance sheet as
Miscellaneous Expenses (Asset).
 
Is This Answer Correct ?    182 Yes 19 No
Jagannath C V
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 4
Expenses which incur before yhe commencement of business
and which has no asset value after the commencement, called
priliminary expense
 
Is This Answer Correct ?    45 Yes 56 No
Czar
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 5
All expenses incurred before incorporation of the business
is called preliminary expenses.It is show in the assets
side of the balance sheet under the miscellaneous expenses.
 
Is This Answer Correct ?    69 Yes 17 No
Raj
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 6
Annual accounts of a limited company are filed with the
registrar of companies and may be inspected by the public.
There "published accounts" must comply with certain
requirements, some of which are statutory and some of which
are non-statutory.

Thus, Preliminary expenses are revenue for the business and
is recorded in the liabilites of the balance sheet.
 
Is This Answer Correct ?    28 Yes 147 No
Crystal
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 7
Preliminary Expenses is the expenses incurred before the
commencement of the company that beared by the promoters of
the company for its incorporation. As it is considered as
one of the fictitious asset of the company and is treated
as deffered revenue expenditure because it derives benefits
in the long run and thus written off every year on the
asset side of the balance sheet
 
Is This Answer Correct ?    89 Yes 17 No
Sudhi Sharma
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 8
Those expenses which are incurred before incorporation of
the business are called preliminary expenses. It is shown in
Asset side of balance sheet. It is current Asset.
 
Is This Answer Correct ?    22 Yes 38 No
Deepa
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 9
preliminary expenses are the expenses which accure at the
time of starting of the business as registration fees.
basically it is amortize as per decided time by the company
and at the time when the expense accure it will treate as
current asset.
 
Is This Answer Correct ?    26 Yes 27 No
Devang
 
  Re: what is the meaning of preliminary expenses and how you shown in balance sheet
Answer
# 10
in simple words espenditure which accure at the time of
formation of company . it shown in assets sides under
misscellaneous head in balance sheet & cr. side of p&l
 
Is This Answer Correct ?    27 Yes 31 No
Vikrant
 

 
 
 
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