DEPRECIATION - Assessment

1.

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45 sec

1 pt

At the time of charging depreciation, ____ account is debited and ____ account is credited.

2.

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45 sec

1 pt

Discarding the old machinery, due to new invention, is called _______.

3.

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45 sec

1 pt

Estimated sales value of an asset after its working is called_____.

4.

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45 sec

1 pt

In Straight line method, annual amount of depreciation remains _____in comparison to diminishing balance method

5.

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45 sec

1 pt

At the end of useful life of an asset, the book value of the asset is ___ under Straight Line Method

6.

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45 sec

1 pt

The original cost of an asset is Rs. 1,20,000 and its Scrap Value is likely to be Rs.20,000 after its estimated useful life of 10 years, the annual depreciation written off will be _____.

7.

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45 sec

1 pt

Annual depreciation of an asset is Rs.25,000 and the cost of acquiring an asset is Rs.5,00,000. So the rate of depreciation would be ____% p.a.

8.

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45 sec

1 pt

The original cost of a machinery is Rs.15,000, salvage value is Rs.1500 after 9 years and repair charges in second year is Rs.1,000. The Rate of Depreciation per annum is___

9.

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45 sec

1 pt

A company purchased machinery on December 31,2017 for Rs.60,000. Installation charges were Rs.25,000 and carriage was Rs.15,000.Depreciation provided @10% p.a. under Straight Line Method. The total Depreciation till March 31, 2019 is Rs.______ .

10.

Fill in the Blank

45 sec

1 pt

Amortisation is a gradual and systematic writing off of--------------.

11.

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45 sec

1 pt

When Provision for depreciation account is created depreciation is charged to __________________.

12.

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45 sec

1 pt

Land is not depreciated as its useful life is _____________.

13.

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45 sec

1 pt

Depletion is done in case of _______________.

14.

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45 sec

1 pt

Depreciation is a process of _________________.

15.

Fill in the Blank

45 sec

1 pt

Reduction in the book value of an asset over a period of time is called___________.

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