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ACCOUNTANCY
OBJECTIVE TYPE ONLINE EXAMINATION
PLUS ONE COMMERCE SCORE:20
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1. Depreciation is charged according to ..................... principle
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1 point
Matching
Business entity
Accounting period
Full disclosure
2. Identify the causes of depreciation
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1 point
Passage of time
Obsolescence
Wear & tear
All of the Above
3. Depletion is associated with .................
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1 point
Choose
Goodwill
Patent
Mines
Machinery
4. The asset , the value of which, usually appreciates
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1 point
Land
Motor car
Furniture
Computer
5. Decrease in the value of an intangible asset is called .................................
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1 point
Depreciation
Depletion
Appreciation
Amortisation
6. Depreciation is charged to
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1 point
Avoid excess payment of tax
Present true financial position
Fulfil legal requirements
All of the above
7. Fixed instalment method of charging depreciation is also called ...............
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1 point
Choose
Straight Line Method
Original Cost Method
Both a & b
Written Down Value Method
8 . Cost of a machine is Rs. 30,00,000. Its estimated life is 10 years. Estimated scrap value is Rs. 5,00,000 after its useful life. The annual depreciation is ..............
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1 point
3 00 000
3 50 000
2 00 000
2 50 000
9. An asset purchased for Rs. 10000 . Depreciation is charged @10 % p.a. under Diminishing balance method. Depreciation for second year is ..........
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1 point
1000
900
810
729
10. Value of an asset is reduced to zero or scrap value at the end of its effective life in .................... method
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1 point
Straight Line Method
Diminishing Balance Method
Written Down Value Method
All
11. The cost of a plant is Rs.80000. Wages paid for installing the same is Rs. 20000. If depreciation is charged under Fixed instalment method @ 8% p.a. Annual depreciation is
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1 point
6400
8000
10000
1600
12. The profit or loss on sale of a fixed asset is charged to .................. A/c.
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1 point
P&L A/c
Asset A/c
Depreciation A/c
None of these
13. The amount of depreciation goes on changing every year under ............... method
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1 point
Straight Line Method
Fixed Instalment Method
Written down value method
None of these
14. Scrap value is also known as .....................
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1 point
Salvage value
Residual value
Breakup value
All
15. Furniture purchased for Rs. 8000. Depreciation is charged @ 20% p.a. under Straight line method.The annual depreciation on Fifth year is ............................
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1 point
800
1600
1280
1024
16. ......... is an appropriation of profit
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1 point
Provision
Reserve
a & b
None
17. ........................ is created for meeting some expected losses.
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1 point
Provision
Reserve
a & b
None
18. General Reserve is created out of ..........................profit.
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1 point
Capital profit
Revenue profit
both a & b
None
19. ................ A/c is debited while charging depreciation on an asset.
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1 point
Asset
Depreciation
P&L A/c
None
20. A Ltd. purchased a Motor car on 01/07/2019 at Rs. 6 00 000 . Depreciation is charged under Fixed Instalment Method @ 15 % p. a. Books of the company closes on 31 st December every year. Depreciation for the year 2019 is .........
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1 point
Rs. 90 000
Rs. 45 000
Rs. 76 500
None of these
Prepared by ULLAS G Principal Govt. H S S Mulanthuruthy, Ernakulam
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