If debit side of receipt and payment account exceeds credit it represents __________
1.Cash at bank
2.Bank overdraft
3.Deficit balance
4.Surplus balance
Posted Date:-2022-01-03 14:11:30
Lighting expenses should be divided among the different departments on the basis of _________
1.light points
2.HP of machine
3.sales ratio
4.floor are
Posted Date:-2022-01-03 14:11:30
Loss of usefulness occasioned by improved production methods is known as_______
1.physical deterioration
2.obsolescence
3.disuse
4.inadequacy
Posted Date:-2022-01-03 14:11:30
Power expenses should be divided among the different departments on the basis of _____
1.light points
2.HP of machine
3.sales ratio
4.floor are
Posted Date:-2022-01-03 14:11:30
The balance in the asset account will not be reduced to zero under this method _____
1.straight line method
2.written down value metho
3.annuity metho
4.depreciation fund metho
Posted Date:-2022-01-03 14:11:30
The permanent continuing and gradual shrinkage in the book value of a fixed asset is called _______
1.depreciation
2.appreciation
3.reduction
4.computation
Posted Date:-2022-01-03 14:11:30
Under depreciation fund method depreciation is charged to ______
1.profit and loss account
2.trading account
3. balance sheet
4.p & l appropriation account
Posted Date:-2022-01-03 14:11:30
An advance receipt of subscription from a member of the non-profit organization is considered as an __________
1.Expense
2.Liability
3.Equity
4.Asset
Posted Date:-2022-01-03 14:11:30
Carriage inward expenses should be divided among the different departments on the basis of ___________
1.light points
2.purchase value
3.sales ratio
4.floor are
Posted Date:-2022-01-03 14:11:30
Deficit balance can be shown in balance sheet as
1.Liability
2.Assets
3.Owner s equity
4.None of above
Posted Date:-2022-01-03 14:11:30
Depreciation applies to________
1.current assets
2.wasting assets
3.intangible assets
4.fixed assets
Posted Date:-2022-01-03 14:11:30
Depreciation arises because of_____
1.fall in the market value of an asset
2.physical wear and tear
3.fall in the value of money
4.rise in the value of money
Posted Date:-2022-01-03 14:11:30
Depreciation fund is also called ______
1.reserve fun
2.compensation fun
3.workers fun
4.sinking fun
Posted Date:-2022-01-03 14:11:30
Depreciation is a process of _________
1.valuation
2.reductionallocation
3.allocation
4.appreciation
Posted Date:-2022-01-03 14:11:30
Depreciation is charged on the_________
1.market value
2.Depreciable value
3.purchase value
4.sale value
Posted Date:-2022-01-03 14:11:30
Depreciation is charged on_________
1.continuous basis
2.temporary basis
3.daily basis
4.monthly basis
Posted Date:-2022-01-03 14:11:30
Diminishing balance method is also called _________
1.written down value method
2.annuity metho
3.depreciation fund metho
4.Fixed installment metho
Posted Date:-2022-01-03 14:11:30
ESI PF payable by employer should be divided among the different departments on the basis of ________
1.number of worker in each department
2.number of machines in each department
3.wages of each department
4.floor area occupied by each department
Posted Date:-2022-01-03 14:11:30
Estimated sale value of the asset at the end of its economic life is known as _____
1.purchase value
2.market value
3.written down value
4.residual value
Posted Date:-2022-01-03 14:11:30
Expenses which can be directly identified with or incurred for particular department are called __________
1.direct expenses
2.indirect expenses
3.monthly expenses
4.weekly expenses
Posted Date:-2022-01-03 14:11:30
Expenses which cannot be identified with a particular department are called_______
1.direct expenses
2.indirect expenses
3.monthly expenses
4.weekly expenses
Posted Date:-2022-01-03 14:11:30
Factory manger s salary should be divided among the different departments on the basis of _____________
1.time devoted to each department
2. time spent in each department
3.time assigned to each department
4. time wasted in each department
Posted Date:-2022-01-03 14:11:30
Fire insurance and repairs on assets should be divided among the different departments on the basis of _________
1.light points
2.HP of machine
3.value of each assets
4.floor are
Posted Date:-2022-01-03 14:11:30
If debit side of income and expenditure account is greater it is termed as
1.Excess of income over expenditure
2.Net income
3.Surplus balance
4.Deficit balance
Posted Date:-2022-01-03 14:11:30
If the asset is sold the provision for depreciation relating to the asset sold is transferred to _______
1.asset account
2.liability account
3.P & L account
4.trading account
Posted Date:-2022-01-03 14:11:30
Income and expenditure account is based on _________ Accrual accounting
1.Cash accounting
2.Accrual accounting
3.Government accounting
4.Management accounting
Posted Date:-2022-01-03 14:11:30
Income tax authorities recognize this method ______
1.straight line method
2.written down value metho
3.annuity metho
4.depreciation fund metho
Posted Date:-2022-01-03 14:11:30
Mines quarries oilfields and forest are example of _______
1.fixed assets
2.current assets
3.wasting assets
4.intangible assets
Posted Date:-2022-01-03 14:11:30
Provision for depreciation account appears on the _______
1.Asset side
2.Liability side
3.P & L account debit side
4.P & L account credit side
Posted Date:-2022-01-03 14:11:30
Reciept and payment account includes _________
1.Revenue items
2. Capital items
3. Both capital and revenue items
4.None of above
Posted Date:-2022-01-03 14:11:30
Rent and rates should be divided among the different departments on the basis of ____
1.light points
2.HP of machine
3.sales ratio
4.floor are
Posted Date:-2022-01-03 14:11:30
Repairs to buildings maintenance of premises should be divided among the different departments on the basis of _________
1.light points
2.HP of machine
3.sales ratio
4.floor are
Posted Date:-2022-01-03 14:11:30
Selling expenses should be divided among the different department on the basis of _______
1.light points
2.HP of machine
3.sales ratio
4.floor are
Posted Date:-2022-01-03 14:11:30
The amount of depreciation charged on machinery will be debited to_____
1.machinery account
2.depreciation account
3.cash account
4.bank account
Posted Date:-2022-01-03 14:11:30
The asset account appears in the books at original cost when a ______
1.P & L account is maintaine
2.balance sheet is maintaine
3.provision for depreciation account is
4.maintaine
Posted Date:-2022-01-03 14:11:30
The control of non-trading concern rest in the hand of
1.Directors
2.Managing agents
3.Governing body
4.Promoters
Posted Date:-2022-01-03 14:11:30
The difference between the book value at the beginning and at the end (revaluation amount) is __________
1.depreciation
2.appreciation
3.reduction
4.computation
Posted Date:-2022-01-03 14:11:30
The main objective of providing depreciation is _______
1.to calculate true profit
2.to calculate financial position
3.to reduce tax burden
4.to reduce profit
Posted Date:-2022-01-03 14:11:30
The main source of income for non-trading concern is _________
1.Subscription
2.Sales
3.Dividend on investment
4.entrance fee
Posted Date:-2022-01-03 14:11:30
The receipts and payments account of a non-profit organization is a __________
1.Nominal account
2.Real account
3.Income statement account
4.Financial statement
Posted Date:-2022-01-03 14:11:30
Under annuity method the amount of depreciation is found out from _____
1.log tables
2.sinking fund tables
3.annuity tables
4.present value tables
Posted Date:-2022-01-03 14:11:30
Under depreciation fund method the amount of depreciation is calculated with reference to ________
1.log tables
2.sinking fund tables
3.annuity tables
4.present value tables
Posted Date:-2022-01-03 14:11:30
Under the diminishing balance method depreciation is calculated on____
1.original value
2.written down value
3.scrap value
4.market value
Posted Date:-2022-01-03 14:11:30
Under the straight line method of charging depreciation depreciation ____
1.increases every year
2.decreases every year
3. is constant
4.fluctuate every year
Posted Date:-2022-01-03 14:11:30
Under which method of depreciation the earlier year of the life of the asset profits are more _____
1.straight line metho
2.written down value metho
3.annuity metho
4.depreciation fund metho
Posted Date:-2022-01-03 14:11:30
Workmen s amenities and welfare expenses should be divided among the different departments on the basis of ____________
1.number of worker in each department
2.number of machines in each department
3.wages of each department
4.floor area occupied by each department
Posted Date:-2022-01-03 14:11:30