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Depreciation Reserves and Provisions (MCQs)
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Depreciation Reserves and Provisions (MCQs)
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22 Questions

1. What will be the amount of loss suffered on machinery purchased for Rs. 10,000 on 1-1-2010 and sold for Rs. 5000 on 30-6-12. The rate of depreciation charged 10% p.a. on written down method.
2. Which of the following statements is NOT true about Reserves?
3. Which account will be debited in the Journal entry for transfer of accumulated depreciation on asset disposed off?
4. If the amount of any known liability cannot be determined with substantial accuracy:
5. The term____is used to show loss in the value of intangible assets.
6. Any reserve which is not apparent on the face of Balance sheet is known as______
7. Which of the following is the cause of depreciation?
8. Provision is a______against profits to meet______liabilities.
9. According to which Accounting Standard, companies are liable to make provision for depreciation?
10. Which of the following is the cause of depreciation?
11. Which of the following statements is NOT true about Provisions?
12. Depreciation is which of the following expenditure:
13. Which method of charging depreciation is accepted by Income Tax Act?
14. The reserve created out of Profit on reissue of forfeited shares is known as______
15. What will be the amount of loss suffered on machinery purchased for Rs. 10,000 on 1-1-2010 and sold for Rs. 5000 on 30-6-12. The rate of depreciation charged 10% p.a. on written down method.
16. The reserve created out of Profit on reissue of forfeited shares is known as______
17. If the amount of any known liability cannot be determined with substantial accuracy:
18. As per the Original Cost method which is the correct formula for calculating Annual depreciation?
19. According to Companies Act, creation of secret reserve is prohibited except in case of______
20. Depreciation is a process of:
21. Which method of charging depreciation is accepted by Income Tax Act?
22. Which of the following statements is NOT true about Provisions?

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