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Question-1
Cost of a fixed asset – Accumulated depreciation expenses of the fixed asset= ?
(A)
Book value of a fixed asset
(B)
Market value of a fixed asset
(C)
Historical cost of a fixed asset
(D)
Recoverable amount of a fixed asset
Question-2
An increase in the value of fixed asset is referred to as:
(A)
Depreciation
(B)
Appreciation
(C)
Market capitalization
(D)
Reverse depreciation
Question-3
Which one of the following is NOT prepared by non profit organizations?
(A)
Profit & Loss account
(B)
Income & Expenditure account
(C)
Receipts & Payments account
(D)
Balance Sheet
Question-4
Which of the following is NOT correct about income tax?
(A)
Different companies pay tax on different rates.
(B)
It is treated as an expense and debited in profit & loss account.
(C)
When financial statements are prepared, an estimate of expected tax liability is made.
(D)
It is treated as an expense and credited in profit & loss account.
Question-5
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-6
(Amount of new provision + Amount of bad debts) < Amount of old provision, then amount will be shown on:
(A)
Debit side of P & L account
(B)
Credit side of P & L account
(C)
Asset side of Balance Sheet
(D)
Liability side of Balance Sheet
Question-7
Interest is an integral part of:
(A)
Insurance Policy Method
(B)
Sinking Fund Method
(C)
Annuity Method
(D)
Revaluation Method
Question-8
Under which depreciation method, the amount of depreciation expenses remains same throughout the useful life of a fixed asset?
(A)
Straight line method
(B)
Reducing balance method
(C)
Number of units produced method
(D)
Machine hours method
Question-9
Rent receivable (given in trial balance) is an item of:
(A)
Balance Sheet
(B)
Profit & Loss Account
(C)
Trading Account
(D)
Both Balance Sheet and Profit & Loss Account
Question-10
The records that are kept for the individual asset, liability, equity, revenue, expense, and dividend components are known as:
(A)
Accounts
(B)
Vouchers
(C)
Journals
(D)
Statements
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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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