IC46 GENERAL INSURANCE ACCOUNTS PREPARATION – 23

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Que. 1 : Q1) A machine purchases for Rs.70,000 on 01.04.2007
depreciated at 5% p.a. under Diminishing Balance Method. What is the value of
machine as on 01.04.2010.

   1.  a) 42563.85

   2.  b) 50000.24

   3.  c) 60046.25

   4.  d) 70035.36

Que. 2 : Q2) The tax to be charged to Profit and Loss
account is ________ which include current Tax plus Deferred Tax.

   1.  a) Tax expenses

   2.  b) Deferred Tax

   3.  c) Current Tax

   4.  d) None of these

Que. 3 : Q3) A lease was acquired with a premium of
Rs.3,00,000 on 01.04.2006 for 4 years only. Depreciation under annuity system
at 4% p.a. interest is charged. Rupee 1 is present value over 4 years @ 4% p.a.
Calculate annual depreciation under Annuity method?

   1.  a) Rs.45896

   2.  b) Rs.63694

   3.  c) Rs.75695

   4.  d) Rs.82647

Que. 4 : Q4) Financial accounting is the process of
identifying, measuring, classifying, recording, summarising, analysing,
interpreting and reporting the financial performance and the financial position
of the enterprise through financial statements. The process stated above is
called _________________.

   1.  a) Methods of Accounting

   2.  b) Accounting policies

   3.  c) Management policies

   4.  d) Accounting process

Que. 5 : Q5) Under the revised Companies Act 2013, what is
the basis of charging depreciation:

   1.  a) Rate of depreciation prescribed by
Companies Act

   2.  b) Useful life of assets

   3.  c) 10 years presumed for furniture and
fixture and 20 years for building

   4.  d) None of the above

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