Accounting Practice MCQ Page 41

Multiple Choice questions for Accounting in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.
Question: 4055   A suspense account is opined when the
  1. trading account does not balance
  2. profit and loss account does not balance
  3. trial balance does not balance
  4. bank account does not balance
Question: 4059   select your answer by means of the following code
  1. if 1, 2 and 3 are correct
  2. if 1 and 2 only are correct
  3. if only 1 is correct
  4. if only 3 is correct
Question: 4066   if the straight line method of depreciation is used the depreciation charge is
  1. a fixed percentage of the cost of the asset each year
  2. a percentage of the book value of the asset each year
  3. always 10% of the cost of the asset each year
  4. a fluctuating percentage of the cost of the asset each year
Question: 4069   Firms charge depreciation each year
  1. to ensure there is enough money in the firm to replace the asset
  2. to spread the cost of the asset over its working life
  3. to reduce the profit and thus reduce the dividends they can pay to shareholders
  4. because the law states they must
Question: 4071   which of the following assets is most likely to appreciate rather than depreciate
  1. plant and machinery
  2. Land and buildings
  3. Motor vehicles
  4. Fixtures and fittings
Question: 4073   Depreciation is caused by
  1. obsolescence
  2. wear and tear
  3. passage of time
Question: 4085   which of the following methods can be used to calculate depreciation?
  1. straight line
  2. Reducing balance
  3. revaluation
Question: 4092   The companies Acts state that companies' Final published Accounts must show
  1. depreciation charged during past year
  2. the balance on the provision for depreciation account
  3. the method of calculating depreciation
Question: 4094   Another name for the Equal Instalment method of depreciation is the
  1. reducing balance method
  2. sinking fund method
  3. straight line method
  4. revaluation method
Question: 4098   An asset is purchased for Rs. 11000. The scrap value is Rs. 1,000 and it is expected to last ten years. The amount of straight depreciation charged each year would be
  1. RS. 900
  2. RS. 1,000
  3. RS. 1,100
  4. RS. 1,200
Question: 4104   A firm buys an asset for RS. 10,000 and depreciates it using the diminishing balance method.which of the following amounts world be the second yearl's depreciation charge at 10% per annum
  1. RS. 800
  2. RS. 810
  3. RS. 900
  4. RS. 1,000
Question: 4107   On Ist january a firm,s loose tools are valued at RS. 4,500. A year later they are revalued at RS. 3000. The depreciation charge for the year is
  1. RS. 500
  2. RS. 1,000
  3. RS. 1,500
  4. RS. 3,OOO

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
4055 . C       4059 . D       4066 . A       4069 . B       4071 . B       4073 . A       4085 . A       4092 . B       4094 . C       4098 . B       4104 . C       4107 . C      

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