# JAIIB Daily Quiz: Quiz 8

Table of Contents

## JAIIB Daily Quiz: Quiz 8

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1. A machinery worth Rs. 2 lac with expected life of 10 years is purchased. The depreciation on it is charged as Rs 20000 every year. The depreciation method is:

(a) written down value method

(b) straight line method

(c) both the above

(d) None of above

Answer & Explanation
Ans. b
1. Recording of financial transactions on the basis of set of rules and criteria is known as:

(a) Accounting practices

(b) Accounting procedures

(c) Accounting Standards

(d) Generally accepted accounting practices

Answer & Explanation
Ans. c
1. The amount of depreciation charged on machinery will be credited to:

(a) machinery account

(b) depreciation account

(c) cash account

(d) asset account

Answer & Explanation
Ans. a
1. Depreciation is a process of:

(a) valuation

(b) allocation

(c) both the above

(d) none of the above

Answer & Explanation
Ans. b
1. On January 01, 2000 a firm purchased machinery worth Rs. 50000 and on July 1st2002, it buys additional machinery wroth Rs. 10000 and spends Rs. 1000 on its erection. The accounts are closed on December 31. Assuming that the annual depreciation will be 10% on SLM basis, what will be written down value at the end of 5thyear?

(a) 51000

(b) 47250

(c) 33250

(d) 31550

Answer & Explanation
Ans. c
1. Summarising is done through preparation of which of the following types of account:

(a) cash book and journal

(b) trading & profit and loss account

(c) balance sheet

(d) b and c

Answer & Explanation
Ans. d
1. Capital is equal to:

(a) Liabilities – assets

(b) Assets – liabilities

(c) Tangible Assets – intangible assets

(d) Tangible assets – liabilities

Answer & Explanation
Ans. b
1. Goods lying unsold in the beginning of accounting year are called:

(a) stocks

(b) opening stocks

(c) closing stocks

(d) salable stocks

Answer & Explanation
Ans. b

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