Quiz On Financial Accounting!

The main objective of depreciation is _______.

The main source of income for non-trading concern is _________.

The control of non-trading concern rest in the hand of _________.

Loss of usefulness occasioned by improved production methods is known as _______.

Under the _______ method, The value of an asset can be reduced to zero.

If the debit side of the income and expenditure account is greater it is termed as _______.

The amount of depreciation charged on machinery will be debited to_____.

If debit side of receipt and payment account exceeds credit, it represents __________.

The depreciation fund is also called ______ fund.

Under the depreciation fund method, the amount of depreciation is calculated with reference to ________ tables.

An advance receipt of subscription from a member of the non-profit organization is considered an __________.

Expenses that can be directly identified with or incurred for a particular department are called _________ expenses.

Factory manger’s salaries should be divided among the different departments on the basis of _________ each department.

Selling expenses should be divided among the different departments on the basis of _______.

In accounting, becoming out of date or obsolete is known as ________.

The total amount of depreciation of an asset cannot exceed its _______ value.

The deficit balance can be shown on the balance sheet as Liability.

The accounts of non-trading concerns are generally maintained according to the _______ system.

Provision for depreciation account appears on the _______ side.

The receipts and payments account of a non-profit organization is a __________ account.