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Class 11 Accountancy
Depreciation, Provisions And Reserves
Quiz 1
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Which of the following methods of depreciation is not recognized by Income Tax Law?
0%
Straight line Method
0%
None of these
0%
Both, Straight Line and Diminishing Balance Methods
0%
Diminishing Balance Method
Explanation
Straight line Method
Asset Disposal A/c is prepared when :
0%
Provision for Depreciation A/c is prepared
0%
Asset A/c is prepared
0%
Profit & Loss A/c is prepared
0%
Depreciation A/c is prepared
Explanation
Provision for Depreciation A/c is prepared
Which of the following is the example of Capital Reserve?
0%
Workmen’s Compensation Fund
0%
None of these
0%
Premium Received on issue of shares or debentures
0%
General Reserve
Explanation
Premium Received on issue of shares or debentures
Which of the following is the example of Revenue Reserve?
0%
Profit on Redemption of Debentures
0%
Profit on Revaluation of Fixed
0%
Investment Fluctuation Fund
0%
Profit on Re-issue of forfeited shares
Explanation
Investment Fluctuation Fund
Dividend Equalisation Reserve is :
0%
Specific Reserve
0%
None of these
0%
Secret Reserve
0%
General Reserve
Explanation
Specific Reserve
General Reserves are shown in :
0%
Revaluation Account
0%
Profit and Loss Account
0%
None of these
0%
Balance Sheet
Explanation
Balance Sheet
According to Companies Act, 1956 Secret Reserves can be created by:
0%
Only Private Company
0%
Banking and insurance companies
0%
Only Public Company
0%
Companies Registered under Companies Act
Explanation
Banking and insurance companies
The loss on sale of an asset is debited to:
0%
Profit and Loss Account
0%
Trial Balance Cr. Side
0%
Balance Sheet
0%
Trading Account
Explanation
Profit and Loss Account
Depreciation is Charged on :
0%
Current Assets
0%
Fixed Tangible Assets
0%
None of these
0%
Both Current and Fixed Assets
Explanation
Fixed Tangible Assets
At the end of the year, Depreciation Account is transferred to :
0%
Balance Sheet
0%
Trading Account
0%
Profit & Loss Appropriation Account
0%
Profit & Loss Account
Explanation
Profit & Loss Account
Provision is created by debiting :
0%
Profit and Loss Account
0%
None of these
0%
Profit and Loss Appropriation Account
0%
Trading Account
Explanation
Profit and Loss Account
The cause of Depreciation is :
0%
Wear and tear
0%
Obsolescence
0%
All of these
0%
Usage of Asset
Explanation
All of these
Depreciation is a process of :
0%
Allocation
0%
Valuation
0%
None of these
0%
Depletion
Explanation
Allocation
Under Reducing Balance Method, depreciation to be charged :
0%
Scrap Value
0%
None of these
0%
Real Value
0%
Original value
Explanation
None of these
The depreciation charged on an asset will be credited to :
0%
Depreciation A/c
0%
Asset A/c
0%
Bank A/c
0%
Cash A/c
Explanation
Asset A/c
Every fixed asset loses its value due to use or other reasons. This decline in the value of asset is known as
0%
Amortization
0%
Provisions
0%
Depreciation
0%
Devaluation
Explanation
Depreciation
Following are the causes of Depreciation except
0%
Wear and tear due to use or passage of time.
0%
normal factors
0%
Expiration of legal rights.
0%
Obsolescence.
Explanation
normal factors
An alternative term used for accumulated depreciation expenses?
0%
Provision for depreciation
0%
Cumulative depreciation
0%
Targeted depreciation
0%
Depletion
Explanation
Provision for depreciation
Depreciation charged under diminishing method
0%
Increase every year
0%
Decrease every year
0%
Increase in one year and decrease another year
0%
Same every year
Explanation
Decrease every year
Which of the following is not a type of reserve
0%
Provision for bad debt
0%
General reserve
0%
Workmen compensation fund
0%
Retained earnings
Explanation
Provision for bad debt
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