Question # 1

____ is the detail of transaction in one account provided by the bank

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bank statement

income statement

bank reconciliation statement

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

The amount brought propritier in the business should be credited to

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cash account

capital account

drawing account

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

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Bank draft

Accounts Receivable

Notes Receivable

Prepaid Expenses

Which one of the following is equal to the carrying cost of an asset?

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original cost minus accumulated depreciation

original cost plus accumulated depreciation

original cost minus residual value

Depreciation value of an asset is equal to

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cost + scrape value

cost + market value

cost - scrap value

none of the given

Depreciation arises because of :

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Fall in the market value of an asset

Fall in the value of money

Physical wear and tour

All of the above

Accountancy cover which of the following series

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bookkeeping

accounting

auditing

all of the above

In accounting accumulated depreciation is :

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Treated as reserve

Treated as a contra asset

Treated as surplus

Treated as expense

Which one of the following is CORRECT about closing stock?

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It appears in the asset side of the balance sheet

it decrease the value of cost of goods sold

It becomes the opening stock of the next year

All of the above

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