Question # 1

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

Which of the following is not depreciated?

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factory building

office equipment

Plant

Land

In cost of goods sold statement the total factory cost is equal to

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l cost of material + Labor cost

cost of material consumed + conversion cost

cost of material consumed + total factory cost

Which of the following is NOT an example of current Asset?

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Bank draft

Accounts Receivable

Notes Receivable

Prepaid Expenses

The allocation of the cost of a tangible plant asset to expenses in the periods ,in which service are received from the asset is termed as

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Appreciation

Depreciation

Fluctuation

None of the gievn

Firm charges each year

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to ensure there is enough money in the firm to replace the asset

to spread the cost of the asset over its working file

because the law states they must be reduced

Under the reducing balance method of depreciation :

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Amount of depreciation increase every year

Amount of depreciation remains constant for every year

Amount of depreciationdecrease every year

Double entry accounting system include:

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Accrual accounting only

Cash accounting only

Both A and B

^{None of the given}

Which of the financial statement DO NOT show the financial health of a business at specific date?

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Profit and Loss account

Balane Sheet

Statement of financial position

All the cost incurred on the incomplete assets up to the balance sheet date must be transferred to:

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Capital account

Capital work in progress

Relevant asset account

Bank book is a part of :

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Voucher

General journal

General ledger

trail balance

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