CBSE Class 11 Accountancy Depreciation, Provisions and Reserves Quiz 1

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CBSE › Class 11 › Accountancy › Depreciation, Provisions and Reserves

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1. Which of the following methods of depreciation is not recognized by Income Tax Law?

A Straight line Method B None of these C Both, Straight Line and Diminishing Balance Methods D Diminishing Balance Method

2. Asset Disposal A/c is prepared when :

A Provision for Depreciation A/c is prepared B Asset A/c is prepared C Profit & Loss A/c is prepared D Depreciation A/c is prepared

3. Which of the following is the example of Capital Reserve?

A Workmen’s Compensation Fund B None of these C Premium Received on issue of shares or debentures D General Reserve

4. Which of the following is the example of Revenue Reserve?

A Profit on Redemption of Debentures B Profit on Revaluation of Fixed C Investment Fluctuation Fund D Profit on Re-issue of forfeited shares

5. Dividend Equalisation Reserve is :

A Specific Reserve B None of these C Secret Reserve D General Reserve

6. General Reserves are shown in :

A Revaluation Account B Profit and Loss Account C None of these D Balance Sheet

7. According to Companies Act, 1956 Secret Reserves can be created by:

A Only Private Company B Banking and insurance companies C Only Public Company D Companies Registered under Companies Act

8. The loss on sale of an asset is debited to:

A Profit and Loss Account B Trial Balance Cr. Side C Balance Sheet D Trading Account

9. Depreciation is Charged on :

A Current Assets B Fixed Tangible Assets C None of these D Both Current and Fixed Assets

10. At the end of the year, Depreciation Account is transferred to :

A Balance Sheet B Trading Account C Profit & Loss Appropriation Account D Profit & Loss Account

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