Fundamentals Of Accounting And Auditing - Accounting And Auditing Section 2

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11. The amount of depreciation charged on machinery is debited to

A
Depreciation account
B
Machinery account
C
Provision for depreciation account
D
Expense account

Answer
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Option : A
Explanation :

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12. Which of the following is not a Capital Expenditure?

A
Money spent to purchase the Furniture
B
Money spent to purchase the Building
C
Money spent to pay the salary to the employees
D
Money spent to purchase the Land

Answer
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Option : C
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13. Which of the following is not a Revenue Expenditure?

A
Money spent towards acquiring the Furniture
B
Money spent to pay salary to the employees
C
Money spent on electricity bill
D
Money spent towards interest on deposits

Answer
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Option : A
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14. What is Accounting Equation?

A
Assets = Capital + Liabilities
B
Assets = Capital – Liabilities
C
Liabilities = Capital + Assets
D
Liabilities = Capital + Assets

Answer
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Option : A
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15. How would you classify the Depreciation?

A
Asset to the bank
B
Expense to the bank
C
Income to the bank
D
Liability to the bank

Answer
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Option : B
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