Depreciation is provided on: MCQ with Answer and Explanation

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Depreciation is provided on:

A. Current assets

B. Fixed assets (tangible)

C. Fictitious assets

D. Intangible assets only

Answer: Option B

Solution (By JKSSB Mock Tests)

Depreciation is charged on tangible fixed assets like machinery, buildings to reflect wear and tear.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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The 'Threshold Limit' for mandatory e-invoicing under GST for B2B transactions is aggregate turnover exceeding:

A. ₹20 crore

B. ₹1 crore

C. ₹5 crore

D. ₹10 crore

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Correct Answer: Option C

Explanation:
As of recent updates, e-invoicing is mandatory for aggregate turnover above ₹5 crore.

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Question #2

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The 'Double Entry System' was first codified by:

A. Kautilya

B. Henry Ford

C. Luca Pacioli

D. Adam Smith

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Correct Answer: Option C

Explanation:
Luca Pacioli, an Italian mathematician, described the double-entry system in 1494.

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Question #3

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The 'Tax Collected at Source' (TCS) on foreign remittance under Liberalised Remittance Scheme (LRS) is:

A. 5% on amount exceeding ₹7 lakh, except for education/medical

B. 1%

C. No TCS

D. 10%

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Correct Answer: Option A

Explanation:
TCS on LRS is 5% (now increased to 20% for certain purposes) on amount exceeding ₹7 lakh. As per current rules, 5% on amounts exceeding ₹7 lakh for purposes other than education/medical. The rate has changed recently to 20% for overseas tour packages, etc., but standard rate is 5% for others. I'll use 5% as the base rate for general remittance exceeding ₹7 lakh.

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