Financial Accounting
Which of the following is the correct formula for calculating depreciation using service hours method
Depreciation=(Cost – Scrape value) / Total hours X Actual hours
Depreciation=(Cost – Accumulated depreciation) / Total hours X Actual hours
Depreciation=(Cost – Accumulated depreciation) / Total hours X Total hours
Depreciation=(Cost – Scrape value) / Actual hours X Total hours
Depreciation=(Cost – Scrape value) / Total hours X Actual hours
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Bill of exchange is a conventent method for the transfer of:A. Cash
B. Goods
C. Debt
D. Investment
When noting charges are paid at the time of dishonour of the bill, the drawee always debits:
A. Noting charges account
B. Interest account
C. Discount account
D. Drawerโs account
The particular column in journal form is the column for:
A. Account title and description
B. Account title and date
C. Amount
D. Date
The income statement has normally.
A. One part
B. Two parts
C. Three parts
D. Four parts
Stock in trade is:
A. A current Asset
B. A fixed Asset
C. An intangible Asset
D. A wasting Asset
The word โBy โ is used with an account while making posting on:
A. Debit Side of an account
B. Credit side of an account
C. Both sides of an account
D. None of the above
Expenses relating to sale of goods are shown in:
A. Trading Account
B. Profit and Loss Account
C. Balance sheet
D. Sales Account
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