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Class 11 Accounts
Depreciation, Provisions And Reserves Quizz
Quiz 1
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Every fixed asset loses its value due to use or other reasons. This decline in the value of asset is known asA. AmortizationB. ProvisionsC. DepreciationD. Devaluation
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Following are the causes of Depreciation exceptA. Wear and tear due to use or passage of time.B. normal factorsC. Expiration of legal rights.D. Obsolescence.
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The term depletion is used for :A. Natural resourcesB. Fixed assetC. LiabilitiesD. Intangible assets
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An alternative term used for accumulated depreciation expenses?A. Provision for depreciationB. Cumulative depreciationC. Targeted depreciationD. Depletion
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Depreciation charged under diminishing methodA. Increase every yearB. Decrease every yearC. Increase in one year and decrease another yearD. Same every year
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Which of the following is not a type of reserveA. Provision for bad debtB. General reserveC. Workmen compensation fundD. Retained earnings
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What is depreciation?A. Cost of using a fixed assetB. The value of assetC. Portion of a fixed assets cost consumed during the current accountingD. Cost of fixed asset’s repair
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An alternative term used for accumulated depreciation expenses?A. Provision for depreciationB. DepletionC. Targeted depreciationD. Cumulative depreciation
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What is the rate of charging depreciation under diminishing method?A. 12% p.a.B. 15% p.a.C. 10% p.a.D. Not fixed
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Under which depreciation method the amount of depreciation expenses remains same throughout the useful life of a fixed assetA. Straight line methodB. Reducing balance methodC. Number of units produced methodD. Machine hours method
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