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Question-1
“No provision for replacement” is the main disadvantage of:
(A)
Straight line method
(B)
Depreciation fund method
(C)
Diminishing balance method
(D)
Annuity method
Question-2
Under which method, the value of asset can be written down to zero or scrap value?
(A)
Reducing balance method
(B)
Unit of activity method
(C)
Straight line method
(D)
Double declining balance method
Question-3
Depreciation is:
(A)
An income
(B)
An asset
(C)
A loss
(D)
A liability
Question-4
When a liability is reduced or decreased, it is recorded on the:
(A)
Right or debit side of the account
(B)
Left or debit side of the account
(C)
Left or credit side of the account
(D)
Right or credit side of the account
Question-5
The book value of an asset is obtained by deducting depreciation from its:
(A)
Market value
(B)
Scrap value
(C)
Market + Cost price
(D)
Cost
Question-6
Fluctuation refers to change in the value of:
(A)
Tangible assets
(B)
Intangible assets
(C)
Current assets
(D)
Fixed assets
Question-7
What is accumulated depreciation?
(A)
Sum of all depreciation expenses of a fixed asset
(B)
Depreciation expenses
(C)
Cost of depletion of assets
(D)
Future value of fixed asset
Question-8
Under which account is net profit of the business calculated?
(A)
Trading Account
(B)
Profit & Loss Account
(C)
Balance sheet
(D)
Trial Balance
Question-9
Which of the following shows the financial position of the business at a certain date?
(A)
Trading Account
(B)
Profit & Loss Account
(C)
Balance sheet
(D)
Trial Balance
Question-10
Which method is useful to the assets with more value and longer life such as building, machinery etc?
(A)
Diminishing Balance Method
(B)
Annuity Method
(C)
Revaluation Method
(D)
Mileage Method
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Cambridge Advanced Grade 11
IGCSE
Practice in Related Chapters
Control Accounts
Depreciation and Disposal of Fixed Asset
Introduction to Accounting
Double Entry Book Keeping
The Trial Balance
Incomplete Records
Accounts of Clubs and Societies
Partnership Accounts -PART A
Accounts of Manufacturing Business
Bad Debts and Provision For Doubtful Debts
Books of Prime Entry
Final Accounts
Accruals and prepayments
Accounting Rules
Bank Reconciliation Statement
Petty Cash Books
Business Documents
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