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Question-1
Fixed installment method can also be called as:
(A)
Straight line method
(B)
Diminishing balance method
(C)
Revaluation method
(D)
Annuity method
Question-2
Which of the following is the correct formula for calculating depreciation using service hours method?
(A)
Depreciation= (Cost - Scrap value) / Total hours X Actual hours
(B)
Depreciation= (Cost - Accumulated depreciation) / Total hours X Actual hours
(C)
Depreciation= (Cost - Accumulated depreciation) / Total hours X Total hours
(D)
Depreciation= (Cost - Scrape value) / Actual hours X Total hours
Question-3
General office expenses are charged to which of the following head?
(A)
Administrative expenses
(B)
Marketing expenses
(C)
Selling expenses
(D)
Financial expenses
Question-4
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-5
A summarized record of transactions related to individuals or things is called a/an:
(A)
Account
(B)
Voucher
(C)
Journal
(D)
Trial balance
Question-6
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-7
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-8
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-9
The economic factors causing depreciation:
(A)
Time factor
(B)
Obsolescence and inadequacy
(C)
Wear and tear
(D)
Money valuation
Question-10
Total depreciation cannot exceed its:
(A)
Scrap value
(B)
Cost Value
(C)
Market value
(D)
Depreciable value
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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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