Question # 1

A decrease in value of a fixed asset due to age ,wear and tear is known as

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depreciation

accumulated depreciation

WDV

Which of the following items appears in Trading account of business?

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Interest expenses

Wages and salaries

Depreciation expenses

Discount allowed

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

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

The favourable balance of profit and loss account should be:

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added in liabilities

subtracted from current assets

Subtracted from liabilities

added in capital

The price paid for an item , in terms of currency is called

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Sale

Cost

Debt

Revenue

A summarized record of transaction related to individual or things is called a

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Account

Voucher

Journal

Trail Balance

Which of the following is not depreciated?

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factory building

office equipment

Plant

Land

When a liability is reduced or decreased,it is recorded on the

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Right or the debt side of the account

Left or the debt side of the account

Left or the credit side of the account

Right or the credit side of the account

The asset which have limited useful life are termed as :

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Limited assets

Depreciation assets

Unlimited assets

None of the given option

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