(A) Debtor
(B) Creditor
(C) Defaulter
(D) Offender
Tag: Financial Accounting Mcq
The entry for creating a Provision for bad debts is?
(A) Debit Provision for Bad Debts A/c and credit Debtors A/c
(B) Debit Debtors A/c and credit Provision for Bad Debts A/c
(C) Debit Provision for Bad Debts A/c and credit Profit & Loss A/c
(D) Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.
Bad debts recovered account will be transferred to?
(A) Debtor‘s Account
(B) Profit and Loss Account
(C) Provision for Doubtful Debt Account
(D) Either (b )or (c) above
__ is also known as Appraisal system of depreciation.
(A) Inventory system
(B) Survey system
(C) Annuity system
(D) Insurance
Schedule XIV of the Companies Act specifies __ as minimum rate of depreciation (WDV) on ship fishing vessels.
(A) 27%
(B) 33%
(C) 10%
(D) 15%
Which of the following is not depreciated?
(A) Building
(B) Land
(C) Plant and Machinery
(D) Office equipment
Depreciation is a process of __.
(A) Valuation of fixed assets
(B) Allocation of cost over the useful life of assets
(C) Generating funds replacements of the assets
(D) Avoidance of tax
Which of the following is an external cause of depreciation?
(A) Routine repair and maintenance
(B) Misuse
(C) Obsolescence
(D) Wear and tear