QUIZ : PRINCIPLES OF ACCOUNTING - BS Statistics IV SEMESTER

A colorful illustration of accounting concepts, featuring calculators, documents, and graphs, with elements representing depreciation and fixed assets.

Accounting Principles Challenge

Test your knowledge on fundamental accounting principles with our engaging quiz designed for students and enthusiasts alike. This quiz covers various topics including depreciation, asset management, and valuation methods.

  • 9 thought-provoking questions
  • Multiple-choice format for easy answering
  • Perfect for revision before exams
9 Questions2 MinutesCreated by LearningLynx247
Class No
Reduction in the value of a fixed set over time is called as:
Quotation
Depreciation
Valuation
Relational
Reducing balance method of depreciation is also called
Depriving balance method
Diminishing balance method
Devaluation balance method
Straight line method
The process of becoming out of date is knows as:
Innovation
Obsolescence
Restructuring
Wear and tear
To provide for the consumption of an asset of a wasting character is called as provision for
Deprecaiton
Exhaustion
Depletion
Sum
The residual value is also called as
Disposal value
Reduced value
Full value
Zero value
There is a fixed deprecation expense each year in
Reducing balance method
Straight line method
Diminishing balance method
Sum of units method
Fixed assets are those assets of material value which are
Long life
Short life
Bought with the intention of resale
Consume in one accounting period
Once a fixed asset is disposed off, the entries are recorded in which T account ?
Disposal account
Accumulated depreciation
Deprecation expense
Profit and loss
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