Practice Test | Kullabs.com
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  • Depreciation is a ______ decline in the value of fixed assets due to wear and tear or passage of time. 

    All the options are correct
    gradual
    permanent
    continuous
  •  Depreciation is the permanent and continuing diminution in the quality, quantity or value of an asset. Who gave this definition?

    William Pickles
    L.H. Hanry
    S.P Arora
    J.R batiliboi
  •  The allocation of the original cost of plant, property and equipment to the particular periods or products that benefit from the utilization of assets. Whose saying is this?

    C.T. Horngren
    A.N. Anthony
    William Pickles
    L.H. Hanry
  • Which one of them is the feature of depreciation?

    Wear and tear
    All the options are correct
    Elapse of time
    Exhaustion
  • Which one of them is the need for providing depreciation?

    All the options are correct
    Ascertaining true profits
    Paying fair taxes
    Reporting true financial position
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