The difference between balance of asset and provision for depreciation of asset account will show:
Net book value
Written down value
Residual
Depreciation
In balance sheet, fixed assets are recorded at a figure less than the cost price. This is known as:
Cost price
Income price
The other name of reducing balance method is:
Diminishing balance method
Straight line balance method
Fixed instalment method
Residual method
The asset value cost less depreciation is:
Written down value method
Revaluation method
Diminishing balance method of depreciation is calculated with:
Full cost of the asset
Cost of the asset at that year
Cost of the asset
Net value of the asset
The assets are valued at the end of each financial year. This is:
Diminishing method
Written off method
Straight line method
How many ledger accounts does each type of fixed asset have?
2
4
6
8
Once a method has been selected for a particular fixed assets, this is applied for:
A year
All years
One month
Half year
If a lease has a fixed life of a set number of years, this is due to:
Physical deterioration
Passage of time
Economic reason
Loss
How many methods are there for recording the depreciation in ledger?
1
3
