online Quiz in Depreciation for preparation of professional exams of CA cpt, CA foundation, CS foundation, CMA foundation , And Also for B.com, M.com, MBA
Depreciation Accounting-Test 5
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Subject :Fundamentals of Accounting Questions: 30
Chapter:Depreciation Accounting -Test 5
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The main objective of providing depreciation is to ———–
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Question 4 of 30
4. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Depreciation accounting is dealt by —————-
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Question 5 of 30
5. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The reason for reduction in the value of fixed assets are ————-
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Question 6 of 30
6. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Which of the following is factor of depreciation ?
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Question 7 of 30
7. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Change in ‘the method of depreciation’ is ————–
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Question 8 of 30
8. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The number of production or similar units expected to be obtained from the use of an asset by an enterprise is called as ———-
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Question 9 of 30
9. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Original cost=Rs.1,26,000. Salvage values= Rs.6,000.Useful life = 6 years. Annual depreciation under SLM will be ———–
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Question 10 of 30
10. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Original cost=Rs.1,26,000; Salvage value=Nill; Useful life= 6 years. Depreciation for thee first year under sum of years digits
method will be ————
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Question 11 of 30
11. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Method of depreciation can be changed, only if ——–
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Question 12 of 30
12. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
What is straight line method ?
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Question 13 of 30
13. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
What is reducing balance method?
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Question 14 of 30
14. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
What is annuity method?
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Question 15 of 30
15. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
What is machine hour method?
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Question 16 of 30
16. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
what is sinking fund method?
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Question 17 of 30
17. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
A second hand machinery is purchased for Rs.10,000. the amount of Rs.1500 is spent on its transportation and Rs.1200 is paid for installation. The amount debited to machinery account will be ———–
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Question 18 of 30
18. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Mr.Arun purchased a machine on 01.012017 For Rs.1,20,000. Installation charges were Rs.10,000.Residual value after 5 years
Rs.5,000.On 01.07.2017, expenses for repairs were incurred to the extent of Rs.2000.Depreciation is provided under straight line method.Annual depreciation is Rs.———
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Question 19 of 30
19. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
What is excluded from cost of the asset?
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Question 20 of 30
20. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Arrears of depreciation will be debited to ———
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Question 21 of 30
21. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The value of an asset after deducting depreciation from the historical cost is known as ———-
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Question 22 of 30
22. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The term depletion is used for ———–
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Question 23 of 30
23. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The assumption underlying the fixed installment method of depreciation is that of ———–of the asset
over different years of its useful life.
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Question 24 of 30
24. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Which of the following assets is not subject to depreciation?
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Question 25 of 30
25. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Which of the following methods of depreciation is applied for low valued assets which have ready market?
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Question 26 of 30
26. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
The amount of depreciation provided in the Sinking fund method when compared to annuity method is ——–
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Question 27 of 30
27. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Leasehold property is generally depreciated by ———–
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Question 28 of 30
28. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Assets appearing in the book but having no value are known as ———–
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Question 29 of 30
29. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Revaluation method of depreciation is normally used for ———–
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Question 30 of 30
30. Question
1 points
Category: FUNDAMENTAL OF ACCOUNTING
Which of the following is not mentioned in the accounting standard as a cause of depreciation?