Assets acquired for prolonged use are know on ------------ assets
Current
Fixed
Tangible
Intangible
This term is used to write off intangible assets such as patents, copyrights etc. Identity the term.
Amortization
Depletion
Depreciation
Fluctuations
------------- cannot be utilized only for the purpose for which It is meant
Reserve
Provision
None of these
All of these
Reserve shows excess of assets over----------
Profit
Receipts
Income
Liabilities
A----------- is created after ascertaining the profit
The reserve that is created out of profit to meet any unforeseen contingency is called --------------- reserve
General reserve
Specific reserve
Dividend equalization reserve
Reserve for replacement of assets
Find out the odd one and state reason
Estimated scrap value
Original cost
Sale price
Use full life of assets
Under -------- method of depreciation, the amount of depreciation goes an decreasing year after year
Diminishing balance
Annuity
Fixed installment
A reserve is created only out of -------
Capital
Asset
A----------- is meant for meeting an unanticipated situation