The estimate about useful life of a fixed asset:

Related MCQs

• Cost of fixed asset minus accumulated depreciation expenses of the fixed asset:
• In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life?
• Under estimation of useful life of a depreciable asset will lead to —
• When an asset is acquired on hire purchase system, the asset account is debited with _______ of the assets in the books of the hire purchaser.
• Which of the following statements is true with regard to written down value method of depreciation? i. The rate at which the asset is written off reduces year after year ii. The amount of depreciation provided reduces from year to year iii. The rate of depreciation as well as the amount of depreciation reduce year after year iv. The value of the asset gets reduced to zero over a period of time
• Tick the correct match 1. Current Asset 1. Depreciation 2. Nominal A/c 2. Land 3. Non Depreciable Asset 3. Insurance A/c 4. Non Cash Expense 4. Prepaid Rent A/c
• An asset was purchased for Rs.1000000 with the down payment of Rs.200000 and bills accepted for Rs.800000/-. What would be the effect on the total asset and total liabilities in the balance sheet?
• If the asset is sold, the provision for depreciation relating to the asset sold is transferred to:
• Which of the following is not a fixed asset
• Cash purchase of fixed asset is entered in the