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Online Tests
Principles of Accounting Icom Part 2 English Medium Chapter 9 Online Test MCQs With Answers
Question # 1
Interest is debited to assets account uder the.
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Annuity method
Depreciation fund method
Insurance policy method
Depletion method
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Question # 2
Depreciation fund method is also known as.
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Sinking fund method
Annuity method
Sum- of year's digit method
None of these
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Question # 3
The objective of charging depreciation on fixed assets is.
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Calculate the true net profit
To provide funds for the replacement
To redue the tax libility
All of the above
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Question # 4
The asses which have physical existence are called.
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Intangible assets
Intangible fixed assets
Tangible fixed assets
Both tangible or intangible assets
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Question # 5
Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.
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Depreciation
Depletion
Amortization
None of these
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Question # 6
The value of an asset at the end of the working life is called.
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Book value
Scrape value
Market value
None of these
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Question # 7
To make provision for the replacement of the assets. the method is to be ysed is.
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Written down value method
Annuity method
Sinking fund method
Insurance policy method
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Question # 8
The method is specially suited to natural surces is said to be
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Annuity method
Depletion method
Revalution method
Sum of digit method
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Question # 9
Depreciation is
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An Income
An expense
A loss
A liability
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Question # 10
The amount charged to depreciation goes on declining in.
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Diminishing balance method
Fixex instaliment method
Annuity method
Depreciation fund method
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Question # 11
The amount charged as depreciation goes on declining in
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Depletion fund method
Auunity method
Diminishing balance method
Straiight line method
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Question # 12
Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be
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RS. 5,000
Rs. 4050
Rs.4500
Rs. 40,000
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Question # 13
Under annuity method the amount of depreciation is.
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Increasing every year
Decreasing every year
Fixed for all the year
None of these
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Question # 14
The depreciation charged to motor car account will be debited to.
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Depreciation account
Motor car account
Cash account
None of these
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Question # 15
The process of writing of intengible assets patent right, good will etc is called.
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Depreciation
Fluctuaton
Amorization
depletion
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