CA CPT 2014 Dec Question Paper Fundamentals of Accounting for online practice
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Question : 25 of 59
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Which of the following statements is/are false?
I.The term ‘depreciation’, ‘depletion’ and ‘amortization’ convey the same meaning.
II.Provision for depreciation A/c is debited when provision for depreciation A/c is created.
III.The main purpose of charging the profit and loss A/c with the amount of depreciation is tospread the cost of an asset over its useful life for the purpose of income determination.
I.The term ‘depreciation’, ‘depletion’ and ‘amortization’ convey the same meaning.
II.Provision for depreciation A/c is debited when provision for depreciation A/c is created.
III.The main purpose of charging the profit and loss A/c with the amount of depreciation is tospread the cost of an asset over its useful life for the purpose of income determination.
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