The term amortization is used to write off

• Fixed assets

• Intangible assets

• Tangible assets

• Wasting assets

Which of the following is not a cause of depreciation

• Wear and tear

• Passage of time

• Fall in the market value

• Accident

Charging depreciation is

• Compulsory

• Voluntary

• Dependent on the condition of asset

• None of these

The loss on sale of an asset is ......... to machinery account

• Debited

• Credited

• None of these

Which of the following assest is not depreciable asset

• Machinery

• Furniture

• Land

• Vehicle

Under straight line method depreciation is charged on

• Book value of asset

• Original cost of asset

• Market value of asset

• None of these

The term depreciation is used to write off

• Fixed assets

• Tangible fixed asset other than land

• Intangible assets

• Wasting assets

The estimated realizable value of an asset at the end of its economic life is called

• Historical cost

• Scrap value

• Book value

• None of these