CBSE Class 11 Depreciation, Provisions and Reserves Multiple Choice Questions with Answers. MCQ Questions Class 11 Depreciation, Provisions and Reserves with Answers Is Prepared Based on Latest Exam Pattern. Students can solve NCERT MCQ questions Class 11 Depreciation, Provisions and Reserves with Answers to know their preparation level.
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MCQ Questions Class 11 Depreciation, Provisions and Reserves with Answers - Set - 1
Question 1:Â
At the end of the year, Depreciation Account is transferred to :
(a) Balance Sheet
(b) Trading Account
(c) Profit & Loss Appropriation Account
(d) Profit & Loss Account
Correct Answer – (A)
Question 2:Â
The loss on sale of an asset is debited to:
(a) Profit and Loss Account
(b) Trial Balance Cr. Side
(c) Balance Sheet
(d) Trading Account
Correct Answer – (A)
Question 3:Â
General Reserves are shown in :
(a) Revaluation Account
(b) Profit and Loss Account
(c) None of these
(d) Balance Sheet
Correct Answer – (D)
Question 4:Â
Which of the following is the example of Revenue Reserve?
(a) Profit on Redemption of Debentures
(b) Profit on Revaluation of Fixed
(c) Investment Fluctuation Fund
(d) Profit on Re-issue of forfeited shares
Correct Answer – (C)
Question 5:Â
Asset Disposal A/c is prepared when :
(a) Provision for Depreciation A/c is prepared
(b) Asset A/c is prepared
(c) Profit & Loss A/c is prepared
(d) Depreciation A/c is prepared
Correct Answer – (A)
MCQ Questions Class 11 Depreciation, Provisions and Reserves With Answers
Question 6:Â
Depreciation is Charged on :
(a) Current Assets
(b) Fixed Tangible Assets
(c) None of these
(d) Both Current and Fixed Assets
Correct Answer – (B)
Question 7:Â
According to Companies Act, 1956 Secret Reserves can be created by:
(a) Only Private Company
(b) Banking and insurance companies
(c) Only Public Company
(d) Companies Registered under Companies Act
Correct Answer – (B)
Question 8:Â
Dividend Equalisation Reserve is :
(a) Specific Reserve
(b) None of these
(c) Secret Reserve
(d) General Reserve
Correct Answer – (A)
Question 9:Â
Which of the following is the example of Capital Reserve?
(a) Workmen’s Compensation Fund
(b) None of these
(c) Premium Received on issue of shares or debentures
(d) General Reserve
Correct Answer – (C)
Question 10:Â
Which of the following methods of depreciation is not recognized by Income Tax Law?
(a) Straight line Method
(b) None of these
(c) Both, Straight Line and Diminishing Balance Methods
(d) Diminishing Balance Method
