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

    L.H. Hanry
    J.R batiliboi
    S.P Arora
    William Pickles
  •  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
    L.H. Hanry
    William Pickles
    A.N. Anthony
  • Which one of them is the feature of depreciation?

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

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