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::::SelfStudyNotes:::::MultiplechoicequestionsforCh#6.DEPRECIATION
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EACHQUESTIONSHASFOURPOSSIBLE
ANSWERSCHOOSETHECORRECTANSWER:(T)
MeansTRUEAnswer
Themainobjectofprovidingdepreciationis:
(a)Tocalculatetrueprofit.(T)
(b)Toshowtruefinancialposition.
(c)Toreducetax.
(d)Toprovidefundsforreplacement.
Depreciationarisesbecauseof:
(a)Fallinthemarketvalueofanasst.(b)
Physicalwearandtear.(T)

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(c)Fallinthevalueofmoney.
(d)Noneofthem.
Depreciationisaprocessof:
(a)Valuation(T)
(b)Allocation
(c)Bothvaluationandallocation
(d)Noneofthem.
Underthestraightlinemethodofprovidingdepreciationit:
(a)Increaseeveryyear.(b)Remain
constanteveryyear.(T)
(c)Decreaseseveryyear
(d)Noneofthem.
Underthediminishingbalancemethoddepreciationit:
(a)Increaseseveryyear.(b)Decreases
everyyear.(T)
(c)Remainconstanteveryyear.
(d)Noneofthem.
Underthefixedinstallmentmethodofproviding
depreciationitiscalculatedon:
(a)Originalcost(T)
(b)onbalanceamount(c)Onscrapvalue
(d)Noneofthem
Underthediminishingbalancemethod,depreciationis
calculatedon:
(a)Scrapvalue(b)Onoriginal
value(c)Onbookvalue(T)
(d)Noneofthem
Theamountofdepreciationchargedonamachinerywillbe
debitedto:
(a)Machineryaccount(b)Depreciation
account(T)
(c)Cashaccountd)Repair
account
Lossonsaleofplantandmachineryshouldbewrittenoff
against:
(a)Sharepremium(b)Depreciationfund
account(T)
(c)Saleaccount
(d)Profit&lossaccount
Lossonsaleofmachinerywillbe:

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(a)DebitedonmachineryA/c(b)Credited
tomachineryA/c(T)
(c)CreditedtoprofitandlossA/c
(d)Noneofthem
Assetwhichhavealimitedusefullifearetermedas:
(a)Limitedassets(b)Depreciation
assets(T)
(c)Unlimitedasset(d)Noneofthese
Processofbecomingoutofdateorobsoleteistermedas:
(a)Physicaldeterioration(b)Depletion(c)
Obsolescence(T)
(d)Amortization
Whichofthetermisusedtowriteoffinreferenceto
tangiblefixedassets.
(a)Depreciation(T)(b)Depletion(c)
Amortization(d)Both(b)and(c)
Theeconomicfactorscausingdepreciation:
(a)Timefactor(b)Obsolescenceand
inadequacy(T)
(c)Wearandtear
(d)Moneyvaluation
Profitpriortoincorporationisanexampleof:
(a)Capitalreserve(T)
(b)Revenuereserve(c)Secretreserve
(d)Noneofthese
Totaldepreciationcannotexceedsits:
(a)Scrapvalue(b)Cost
value(c)Marketvalue(d)
Depreciablevalue(T)
Depreciationvalueofanassetisequalto:
(a)Cost+Scrapvalue(b)Cost+Market
price(c)CostScrapvalue(T)
(d)Noneofthese
Depreciationdoesnotdependonfluctuationsas:
(a)Marketvalueofasset(T)
(b)Costofpriceofasset(c)Scrapvalueofasset
(d)Noneofthese
Depreciationis:
(a)Anincome(b)Anasset(c)
Aloss(T)
(d)Aliability

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Thebooksvalueofanassetisobtainedbydeducting
depreciationfromits:
(a)Marketvalue(b)Scrap
value(c)Market+Costprice(d)Cost(T)
Depreciationfundmethodisalsoknownas:
(a)Sinkingfundmethod(T)
(b)Annuitymethod
(c)Sumofyearsdigitsmethod
(d)Noneofthese
Themethodisspeciallysuitedtonaturalresources(mines,
quarries,sand,pitsetc.)issaidtobe:
(a)Annuitymethod(b)Depletion
method(T)
(c)Revaluationmethod(d)Sumofdigits
method
Doubledecliningmethodisoftenusedinthe:
(a)Pakistan(b)South
Africa(c)Japan(d)U.S.A
(T)
Intheprovisionmethodofdepreciationtheassetalways
appearsat:
(a)Costprice(T)(b)MarketPrice(c)Scrap
Value(d)None

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PostedbySelfStudyNotesat1:56AM
Recommend this on Google

3comments:
Anonymous April26,2011at3:27AM
youshouldalsoposttheanswers
Reply

Anonymous June24,2012at6:40PM
ANSWERSARETHERENA.....INDICATEDBY(T)
Reply
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July14,2012at12:39AM

Ialreadyindicatedanswersbyshowingalphabet(T)
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