Depreciation Accounting-Test 4

Depreciation is related to ————–

Depreciation is ———-

The amount of depreciation remains constant year after year under ————

Depreciation is ————-

If the amount of any known  liability can be determined with substantial accuracy :

Provision is ————

The depreciation is an expense accruing ————-

Depreciation is the process ———–

Straight line method of providing depreciation is useful, when ————

Depreciation fund method is designed to ————-

Any profit or loss on the sale of sinking (depreciation) fund investment is transferred to ———–

The profit on depreciation policy is transferred to ————–

Under annuity method, the amount of depreciation is ————

The number of production units expected to be obtained from the use of an asset by an enterprise is called ———-

Which of the following is not true with regard to fixed asset ?

Which of the following expenses is not included in the acquisition cost of a plant?

For charging depreciation on which of the following assets the depletion method is adopted ?

If a concern proposes to discontinue its business from March 31, 2017, and decides to dispose of all its assets within a period of 4 Months ,

The balance sheet as on March 31,2017, should show the assets at there ———-

In case of downward revaluation of an asset which is for the first time revalued the account to be debited is ————

A second hand machinery was purchased for Rs.1,00,000 Five years ago and was overhauled by carrying out some repairs at a cost of RS.10000. It has also an accumulated depreciation of Rs.50,000. It has been deposed of in the beginning of the 6 Th year for Rs.60,000.Profit/loss on such disposal shell be ——

For providing depreciation on hand tools, the appropriate method of depreciation is ———-

Interest is debited to asset account in which method of depreciation?

What is the amount of depreciation, using the sum of the years digits method, for the first year of use for equipment costing Rs.9,500,

With an estimated residual value of Rs.500 and an estimated life of 3 years?

A plant asset priced at Rs.1,00,000 is acquired by trading (exchange) in a similar asset that has a book value of Rs.25,000.Assuming that the exchange allowance is Rs.30,000 and that Rs.70,000 cash is paid for the new asset, What is the cost bases for the new asset for financial reporting purposes ?

If the equipment account has a balance of Rs.22,500 and the accumulated depreciation account has a balance of Rs.14,000, the book value of the equipment is ———–

Plant assets are depreciated over their useful lives.Which basic principle of accounting does this procedure reflect?

Consider a piece of Machinery costing Rs.30,000 with an estimated life of 10 years. At the end of these time it can be sold for Rs.10,000.

Using the equal installment method the annual charge against profits would be ———–

An asset was purchased for Rs.12,500 and under the reducing balance method 20% of the reducing value of the asset is return off each year. What is the value of the asset at the end of 3 years?

A machine is purchased for Rs.200. To achieve residual value of Rs.128 at the end of the second year (assuming that depreciation is calculated at end of each year), The percentage depreciation using the reducing balance method must be ————-

The cost of machine is Rs.2000. Two years later the book value is Rs.1000.The straight line Percentage depreciation is ————-