Total depreciation of an asset cannot exceed its:

✅ A. Accountant of the business

Option A : Accountant of the business Option B : Manager of the business Option C : Controller of the bank Option D : Accountant of the bank Correct Answer : Accountant of the business Read more

✅ A. Balance Sheet discloses financial position of the business

Option A : Balance Sheet discloses financial position of the business Option B : A person who owes to the business is called Debtor Option C : Decrease in the value of the asset could decrease the value of a liability Option D : Assets are to be shown in the Balance Sheet at the realizable value Read More Details… Read more

✅ B. Land

Option A : Building Option B : Land Option C : Plant and Machinery Option D : Office equipment Correct Answer : Land Read more

✅ A. Petty cash

Option A : Petty cash Option B : Cash book Option C : Cash receipt Option D : Discount Correct Answer : Petty cash Read more

✅ B. Payments

Option A : Receipts Option B : Payments Option C : Income Option D : Expense Correct Answer : Payments Read more

✅ A. Raw material consumed

Option A : Raw material consumed Option B : Plant purchased Option C : Long term loan raised from bank Option D : Share Capital Correct Answer : Raw material consumed Read more

✅ D. Administration and general expenses

Option A : Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use Option B : Stand by equipment and servicing equipment Option C : Expenditure incurred on test runs and experimental production Option D : Administration and general expenses Correct Answer : Administration and general expenses Read more

✅ A. Credited in the cash book

Option A : Credited in the cash book Option B : Debited in the cash book Option C : Entered in the bank statement Option D : Entered in the petty cash balance Correct Answer : Credited in the cash book Read more