1. Cost of the asset minus scrap value/ Life of the asset is the formula of
Diminishing balance method
The sum of the digits method
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2. The Diminishing balance method means a method by which-
The rate of depreciation falls year by year
The amount on which depreciation is calculated falls year by year
The rate and amount which is applied falls year by year
None of the above
3. Which among the following is false about Diminishing balance method-
the amount of depreciation is high in the initial years
Depreciation is calculated on the original cost of the asset
the value of the asset cannot be reduced to zero
Cost of depreciation remains constant
4. Which of the following accounting concepts or principles require the calculation of depreciation of the fixed assets?
5. Depreciation is an
UGC NET PAPER 1
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