Class-11,Depreciation Provisions and Reserves

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Q1) Every fixed asset loses its value due to wear and tear. This decline in the value of asset is known as *

1 point

Devaluation

Amortization

Provisions

Depreciation

Q2) Following are the causes of Depreciation except *

1 point

Obsolescence.

normal factors

Wear and tear due to use or passage of time.

Expiration of legal rights.

Q3) The term depletion is used for : *

1 point

Natural resources

Fixed asset

Intangible assets

Liabilities

Q4) Under straight line method depreciation is calculated on _____value of asset *

1 point

Market

Original

Written down

Cost less scrap

Q5) Depreciation charged under diminishing method *

1 point

Same every year

Increase in one year and decrease another year

Increase every year

Decrease every year

Q6) Which of the following is not a type of reserve *

1 point

Provision for bad debt

General reserve;

Retained earnings

Workmen compensation fund

Q7) What is depreciation? *

1 point

Cost of using a fixed asset

Cost of fixed asset’s repair

Portion of a fixed assets cost consumed during the current accounting

The value of asset

Q8) What is the rate of charging depreciation under diminishing method? *

1 point

15% p.a.

10% p.a.

Not fixed

12% p.a.

Q9) In depreciation calculation, the useful life of a fixed asset is: *

1 point

A predetermined figure for all fixed assets

An estimate

A certain figure

None of these

Q10) Cost of a fixed asset – Accumulated depreciation expenses of the fixed asset=? *

1 point

Recoverable amount of a fixed asset

Market value of fixed asset

Historical cost of a fixed asset

Book value of fixed asset

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