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Question-1
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
Question-2
Which term is generally used for the depreciation of natural resources?
(A)
Amortization
(B)
Depletion
(C)
Appreciation
(D)
Disposal value
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
Under which account is gross profit of the business calculated?
(A)
Trading Account
(B)
Profit & Loss Account
(C)
Balance Sheet
(D)
Trial Balance
Question-5
The economic factors causing depreciation.
(A)
Time factor
(B)
Obsolescence and inadequacy
(C)
Wear and tear
(D)
Money valuation
Question-6
When closing stock is given in trial balance, then it will effect:
(A)
Trading account only
(B)
Balance sheet only
(C)
Owner's equity only
(D)
Both Trading account and Balance sheet
Question-7
General office expenses are charged to which of the following head:
(A)
Administrative expenses
(B)
Marketing expenses
(C)
Selling expenses
(D)
Financial expenses
Question-8
Under which method, the value of asset cannot be written down to zero?
(A)
Fixed installment method
(B)
Annuity Method
(C)
Diminishing Balance Method
(D)
Revaluation Method
Question-9
An alternative term used for accumulated depreciation expenses.
(A)
Provision for depreciation
(B)
Cumulative depreciation
(C)
Targeted depreciation
(D)
Depletion
Question-10
What is depreciation?
(A)
Cost of a fixed asset
(B)
Cost of a fixed asset’s repair
(C)
The residual value of a fixed asset
(D)
Portion of a fixed asset’s cost consumed during the current accounting period
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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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