1. Which of the following is not required in order to calculate the straight line
method of depreciation:
a. The
b. annual cost of repairs d. The expected residual value
c. The cost of the asset e. The useful life of the asset
2. Depreciation is:
a. Rent c. Fixtures
b. Motor Van d. Equipment
6. If partners do not have any agreement, how should profits and losses be
shared:
a. Equally
b. Equally after interest has been allowed on capital
c. In proportion to the partners individual capitals
d. In the ratio of the partners individual capitals
a. True b. False
a. Debited b. Credited
10. If profit is given in Question then Expenses & Revenue Summary Account is
Debited
a. True b. False
11. Which one of the following could not be classified as Revenue Expenditure?
12. Which one of the following assets could be described as a current asset?
15. Which one of the following tangible fixed assets would not normally be
depreciated?
a) Buildings that have been revalued to a lower value than their original
cost
b) Buildings that have been revalued to a higher value than their original
cost
c) Leasehold land
d) Freehold land