Q. Depletion method is more suitable for
✅ Correct Answer: (B)
mining industry
Financial Accounting MCQs and Notes
Q. amortization is related to
✅ Correct Answer: (B)
intangible assets
Q. in case of straight line method, the amount of deprecation
✅ Correct Answer: (D)
remains same every year
Q. the depreciation charged on an asset is debited to
✅ Correct Answer: (B)
depreciation account
Q. The closing balance in the creditors account can be ascertained from the
✅ Correct Answer: (B)
total creditors account
Q. The amount of opening stock can be ascertained by preparing
✅ Correct Answer: (A)
Memorandum trading account
Q. Capital at the beginning of the year is ascertained by preparing
✅ Correct Answer: (B)
opening statement of affairs
Q. In the case of net worth method of single entry system, the net profit is ascertained by
✅ Correct Answer: (C)
preparing
Q. Which of the following is not an intangible asset
✅ Correct Answer: (A)
Stock
Q. Which of the following is a current liability
✅ Correct Answer: (C)
bank overdraft