The term 'Depletion' is used for: MCQ with Answer and Explanation

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The term 'Depletion' is used for:

A. Current assets

B. Tangible fixed assets

C. Wasting assets like mines

D. Intangible assets

Answer: Option C

Solution (By JKSSB Mock Tests)

Depletion refers to the exhaustion of natural resources like oil, minerals, timber.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Audit Programme' is:

A. The audit report

B. The trial balance

C. The final accounts

D. A list of audit procedures to be performed

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Correct Answer: Option D

Explanation:
Audit programme details the steps and procedures for conducting the audit.

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

Question #2

The 'Equalisation Levy' was expanded in 2020 to cover:

A. Physical goods

B. All digital transactions

C. E-commerce supply of goods and services by non-resident e-commerce operators

D. All services

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Correct Answer: Option C

Explanation:
Finance Act 2020 expanded scope to include e-commerce operators, even if they don't have a permanent establishment.

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

Question #3

Outstanding expenses in the balance sheet are shown under:

A. Fixed liabilities

B. Contingent liabilities

C. Current assets

D. Current liabilities

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Correct Answer: Option D

Explanation:
Outstanding expenses represent amounts payable within a short period, classified as current liabilities.

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

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