Que. 1 : Q1) In ____________ method, to calculate the depreciation, the percentage rate is applied to the residual balance instead of original cost

   1.  a) written down value method

   2.  b) straight line method

   3.  c) declining balance method

   4.  d) Both A and C

Que. 2 : Q2) Suzy is a sole trader dealing in Furniture. A dressing table was sold for Rs.20,000; the amount received for this sale is a _______ Receipt.

   1.  a) Capital

   2.  b) Revenue

   3.  c) both


Que. 3 : Q3) Original cost of a truck is Rs 4 Lakhs and the depreciation is 20%. Under the declining balance method what will be the Profit or Loss on sale of the truck if it is sold for Rs 2,50,000 at the end of 2nd year?

   1.  a) Profit of 12,400

   2.  b) Profit of 6,000

   3.  c) Loss of 12,400

   4.  d) Loss of 6,000

Que. 4 : Q4) Sale of Fixed Asset

   1.  a) Revenue Receipt

   2.  b) Capital Receipt

   3.  c) both


Que. 5 : Q5) Ledger book is popularly known as

   1.  a) Secondary book of accounts

   2.  b) Principal book of accounts

   3.  c) Subsidiary book of accounts

   4.  d) None of the above