The term 'depletion' applies to decrease in value of
A) Tangible asset
B) intangible asset
C) wasting asset
D) current asset.
Correct Answer:
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Q1: Loss on sale of machinery should be
Q2: Depreciation arises because of
A)Fall in market value
Q3: When provision for depreciation account is maintained,
Q4: If original cost of an asset is
Q5: Under diminishing balance method,
A)The rate of depreciation
Q7: The term amortization applies to decrease in
Q8: For providing depreciation on lease hold property,
Q9: Accumulated depreciation is an example of
A)An expense
B)an
Q10: Share application is classified as
A)Real account
B)personal account
C)impersonal
Q11: A newly established company cannot issue shares
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