Depletion applies to____
A) Current assets.
B) Wasting assets
C) Intangible assets
D) Fixed assets
Correct Answer:
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Q15: Provision for depreciation account appears on the
Q16: If the asset is sold, the provision
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
Q21: Income tax authorities recognize this method _
A)Straight
Q22: Amortization applies to
A)Current assets.
B)Wasting assets.
C)Intangible assets.
D)Fixed assets
Q23: In depreciation calculation the life of an
Q24: Depreciable amount plus residual value of a
Q25: Cost of fixed asset minus accumulated depreciation
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