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Question-1
Interest is an integral part of:
(A)
Insurance Policy Method
(B)
Sinking Fund Method
(C)
Annuity Method
(D)
Revaluation Method
Question-2
The charge of depreciation to profit and loss account is equal in respect of an asset till the end of its useful life. This is the main advantage of:
(A)
Depletion method
(B)
Revaluation method
(C)
Fixed Installment method
(D)
Diminishing balance method
Question-3
Loss on sale of plant and machinery should be written off against:
(A)
Share premium
(B)
Depreciation fund account
(C)
Sale account
(D)
Profit & loss account
Question-4
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-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
Which method is useful for assets of lesser value such as furniture, patents etc?
(A)
Fixed installment method
(B)
Annuity method
(C)
Diminishing method
(D)
Depletion method
Question-7
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-8
A summarized record of transactions related to individuals or things is called a/an:
(A)
Account
(B)
Voucher
(C)
Journal
(D)
Trial balance
Question-9
The amount of depreciation charged on a machinery will be debited to:
(A)
Machinery account
(B)
Depreciation account
(C)
Cash account
(D)
Repair account
Question-10
Under which account is gross profit of the business calculated?
(A)
Trading Account
(B)
Profit & Loss Account
(C)
Balance Sheet
(D)
Trial Balance
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Cambridge Advanced Grade 12
IGCSE
Practice in Related Chapters
Depreciation and Disposal of Fixed Asset
Bad Debts and Provision for Doubtful Debts
Control Accounts
Petty Cash Books
Incomplete Records
Accounts of Clubs and Societies
Partnership Accounts -PART A
Books of Prime Entry
Accounts of Manufacturing Business
Introduction to Accounting
Double Entry Book Keeping
The Trail Balance
Final Accounts
Accruals and prepayments
Accounting Rules
Bank Reconciliation Statement
Business Documents
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