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Question-1
Depreciation is:
(A)
An income
(B)
An asset
(C)
A loss
(D)
A liability
Question-2
Which of the following financial statement shows the financial health of an organization at a stated period of time?
(A)
Balance sheet
(B)
Trading and profit & loss account
(C)
Cash flow statement
(D)
Statement of retained earnings
Question-3
A financial statement that indicates the success or failure of a business, over a period of time is called:
(A)
A cash flow statement
(B)
A retained earnings statement
(C)
An income statement
(D)
A balance sheet
Question-4
An increase in the value of fixed asset is referred to as:
(A)
Depreciation
(B)
Appreciation
(C)
Market capitalization
(D)
Reverse depreciation
Question-5
General office expenses are charged to which of the following head?
(A)
Administrative expenses
(B)
Marketing expenses
(C)
Selling expenses
(D)
Financial expenses
Question-6
Under which method, the calculation of depreciation is easy as compared to many other methods of depreciation?
(A)
Fixed installment method
(B)
Diminishing balance method
(C)
Depreciation fund method
(D)
Annuity method
Question-7
A summarized record of transactions related to individuals or things is called a/an:
(A)
Account
(B)
Voucher
(C)
Journal
(D)
Trial balance
Question-8
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-9
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-10
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
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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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