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Question-1
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-2
Under which method is the amount realized at the end of the life of the asset fixed?
(A)
Machine hour rate method
(B)
Annuity Method
(C)
Insurance Policy Method
(D)
Revaluation Method
Question-3
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-4
"A” sold goods for Rs 3,000 to Mr. “B”, Rs 3, 000 will be treated as business:
(A)
Revenue
(B)
Net profit
(C)
Gross profit
(D)
Operating profit
Question-5
Under which account is gross profit of the business calculated?
(A)
Trading Account
(B)
Profit & Loss Account
(C)
Balance Sheet
(D)
Trial Balance
Question-6
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-7
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-8
Which term is generally used for the depreciation of natural resources?
(A)
Amortization
(B)
Depletion
(C)
Appreciation
(D)
Disposal value
Question-9
Premium is paid in advance at the beginning of the year under:
(A)
Mileage Method
(B)
Sinking Fund Method
(C)
Annuity Method
(D)
Insurance Policy Method
Question-10
The main objective of providing depreciation is:
(A)
To calculate true profit
(B)
To show true financial position
(C)
To reduce tax
(D)
To provide funds for replacement
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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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