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Depreciation
Quiz 3
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Q.1
The value of an asset determined by tax authorities for the purpose of calculating taxes.
assessed value
book value of a plant asset
depletion
gain on plant asset
Q.2
The original cost of a plant asset minus accumulated depreciation.
assessed value
half-year convention
current asset
book value of a plant asset
Q.3
Depreciation is the process of -
Valuation of asset
Allocation of the cost of asset
Valuation and allocation of the cost of asset
None of the above
Q.4
Main objective of charging depreciation is-
Ascertaining true profit or loss
Ascertaining true financial position
Ascertaining true cost of production
All of the above
Q.5
Depreciation arises due to -
Fluctuations
Fall in the value of money
Temporary fall in the market value of asset
Physical Wear and tear
Q.6
Depreciation is provided on -
Current assets
Fictitious assets
Fixed assets
Intangible assets
Q.7
Factors taken into consideration for providing depreciation are -
Total cost of assets
Estimated useful life of the asset
Estimated scrap value of the asset
All of the above
Q.8
Depreciation arises because of -
Obsolescence
Constant use of assets
expiry of time
All of these
Q.9
Characteristic of a depreciation is -
Decline in the value of assets
Depreciation is a permanent nature
Depreciation is a known case expense
All of these
Q.10
S=RM2,000C=RM25,000n=6 yearsFind the annual rate of depreciation using the reducing balance method.
9.8%
15.76%
20.36%
34.36%
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