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DEPRECIATION PROVISION AND RESERVE
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1. Depreciation is provided on
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1 point
Current Assets
Intangible Assets
Fixed Assets
Fictitious Assets
2. Amortization refer to writing off
1 point
Depleting Assets
Wasting Assets
Intangible Assets
Fictitious Assets
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3. The Written Down Value of an asset after three years of depreciation on reducing balance method @15%p.a. is 49130. What was its original value?
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Rs.40 000
Rs.80 000
Rs.45 000
Rs.70 250
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4. Which of the following best describes the Depreciation?
1 point
Valuation of fixed asset at the end of the year
Verification of assets
Allocation of cost of fixed assets over its useful life
Decreasing the market value of asset
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5 What will be the percentage of depreciation under SLM in the following case Original cost of Machine rs.150000 Salvage value after 9 years Rs.15000 Repair charges in 2nd year. Rs.10000
1 point
11.11%
10%
10.34%
9.37%
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6. Reserves arising from capital receipts are known as
1 point
Capital reserves
Reserve fund
None of these
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7. Provisions are
1 point
External transaction
internal transaction
None of these
Option 3
Option 2
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8. A provision is
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an appropriation out of profit
a charge against the profit
None of these
Option 2
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9. If the amount of any known liability cannot be determined with accuracy
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a liability should be provided
a provision should be made
a reserve should be set aside
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10. If the amount of any known liability can be determined with accuracy
1 point
a liability should be provided
a provision should be made
a reserve should be set aside
Other:
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