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11th Accountancy Weekly Test - 3 ( Depreciation Accounting )

MABS Institution

11th Accountancy Weekly Test - 3 ( Depreciation Accounting )-Aug 2020

Time : 1.00 Hours

Part - A

Multiple Choice Question - Answer All Question

Depreciation is calculated on____________ under dinminishing balance method.

Original Cost
Written Down value
The Scrap value
None of the above

Under which depreciation method the amount of depreciation expenses remains same throughout the useful life of a fixed asset__________.

Straight Line Method
Reducing Balance Method
Number of Units produced method
Machine hour method

The normal use of a tangible asset results in physical deterioration which is called _________.

Wear and tear
Abnornial factors
Obsolescence
Efflux of time

The process of becoming out of date or obsolete is termed as _________.

Depletion
Physical Deterioration
Obsolescence
None of the above

The following formula is used to complete the rate of depreciation under __________
\(\left[ 1-\sqrt [ n ]{ \frac { Scrap\ value }{ Orginal\ cost } } \right] \times 100\)

Written down value method
Straight line method
Machine hour rate method
Annuity method

In the process of provision method of depreciation the asset always valued at_________.

Market Price
Cost Price
Scrap Value
None

The value of fixed asset after deducing depreciation is known as its ________________

Book value
Market value
Face value
Realisable value

Total amount of depreciation provided on the written down value method at the rate of 10% p.a. on Rs.10,000 for first three years will be ______________

Rs.2,107
Rs.2,710
Rs.2,701
Rs.2,017

A fixed asset was bought for 7 5,000. Its accumulated depreciation is 7 1,000 and rate depreciation is 10%. What are the depreciation expenses for the current accounting period using reducing balance method?

Rs.600
Rs.2000
Rs.500
Rs.400

Depreciation is provided on

Fixed assets
Current assets
Outstanding charges
All assets

Depreciation provided on machinery is debited to

Depreciation account
Machinery account
Trading account
Provision for depreciation account

Certain assets whether used or not become potentially less useful with the passage of time_________.

Efflux of time
Lack of maintenance
Abnormal factors
Wear and tear

_____________ method is used for small items like loose tools and spare parts.

Insurance policy
Repairs provision
Revaluation
Depletion

In the accounting records, the fixed assets are normally recorded __________.

At Cost
At Book Value
At Scrap Value
At replacement value

_________ is also known as residual value.

Book value
Scrap value
Amortization
Wear and tear

___________ is a non-cash item.

Depreciation
Asset
Liabilities
None of these

The time period for which an asset can be used efficiently is known as ____________ of an asset.

Scrap Value
Estimated useful life
Original Cost
None of these

For oil wells _____________method Of depreciation is to be followed

Exhaustion
Wear & Tear
Depletion
None of the above

The method of depreciation prescribed by the Indian Companies Act, 2013 is ____________

Straight line method
Diminishing balance method
Revaluation method
Sinking Fund method

A depreciable asset may suffer obsolescence due to______________

Passage of time
Wear and tear
Technological changes
None of the above

Depreciation is the gradual and permanent decrease in the value of an asset from any cause ________.

Owen
Wheeler
Spicer and Pegler
R.N. Carter

Meaning of Salvage value is___________.

Cash to be paid when asset is disposed off
Estimated disposal value
Definite sale price of the asset
Cash to be received when life of the asset ends

Cash received from sale of fixed asset is credited to

Profit and loss account
Fixed asset account
Depreciation account
Bank account

___________ method is recoglnised and accepted by income tax authorities.

Straigh line
Annuity method
Diminishing balance
Depreciation fund

____________ is a statement of financial position of a business.

Trading account
Profit and loss account
Balance sheet
Trial balance

Selling price of a machinery is Rs.80,000. Loss on sale was Rs.20,000. The book value of the machinery is_____________

Rs. 1,00,000
Rs. 60,000
Rs. 20,000
Rs. 50,000

Sinking Fund is also known as

Depletion Method
Annuity method
Depreciation Fund method
None of the above

_________ is a non-depreciable asset.

Building
Machinery
Land
Vehicle

When the value of fixed assets increases it is known as_______________.

Depreciation
Appreciation
Depletion
None

Depreciation is the process of

Allocation of cost of the asset to the period of its useful life
Valuation of assets
Maintenance of an asset in a state of efficiency
Adding value to the asset

The written down value is the true value of ________ assets

fixed
current
tangible
intangible

Under the diminishing balance method of depreciation ____________

Both rate of depreciation and amount of depreciation are reduced every year
Only the amount of depreciation is reduced every year
Only the rate of depreciation is reduced every year
None of the above

Under straight line method, the amount of depreciation is

Increasing every year
Decreasing every year
Constant for all the years
Fluctuating every year

Which method shall be efficient, if repairs and maintenance cost of an asset increases as it grows older

Straight line method
Reducing balance method
Sinking fund method
Annuity method

Under which of the following methods the value of Assets may be reduced to zero?

Depletion method
Revaluation method
Sinking fund method
Straight line method

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