If the asset is sold, the provision for depreciation relating to the asset sold is transferred to:
A) Asset account
B) Liability account
C) P & L account
D) Trading account
Correct Answer:
Verified
Q11: These reserves are created out of capital
Q12: These reserves are not shown in the
Q13: A reserve is created but its identity
Q14: The value of asset can be reduced
Q15: Provision for depreciation account appears on the
Q17: Depreciation is charged on_
A)Continuous basis
B)Temporary basis
C)Daily basis
D)Monthly
Q18: Loss of usefulness occasioned by improved production
Q19: Depreciation applies to_
A)Current assets
B)Wasting assets
C)Intangible assets
D)Fixed assets
Q20: Depletion applies to_
A)Current assets.
B)Wasting assets
C)Intangible assets
D)Fixed assets
Q21: Income tax authorities recognize this method _
A)Straight
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