CA CPT 2016 June Question Paper Fundamentals of Accounting for online practice
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Question : 26 of 60
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Which of the following statements is/are false?
I.The terms ‘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 to spread the cost of an asset over its useful life for the purpose of income determination.
I.The terms ‘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 to spread the cost of an asset over its useful life for the purpose of income determination.
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