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

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The process of becoming out of date is knows as: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

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

QUIZ : PRINCIPLES OF ACCOUNTING - BS Statistics IV SEMESTER

Accounting Principles Challenge

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