Download App

Depreciation — Book Keeping & Accountancy STD 11 Commerce / Arts — Question

Maharashtra BoardEnglish MediumSTD 11 Commerce / ArtsBook Keeping & AccountancyDepreciation2 Marks
Question
Depreciation is charged on fixed assets.
✓

Answer

This statement is True.
Fixed assets working life is longer. The working life of all fixed assets decreases with the passage of time. The value of assets decreases every year so a reduction in the value of fixed assets due to its wear and tear depreciation is charged on fixed assets.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "State whether the following statements are true or false with reasons" from Depreciation→Depreciation — all question types→Book Keeping & Accountancy STD 11 Commerce / Arts question papers→Maharashtra Board STD 11 Commerce / Arts question papers→Maharashtra Board question paper generator→

Similar questions

GST paid on the purchase of goods Input tax A/c should be debited.
→
There is no need to provide depreciation if the asset is maintained with care.
→
Ledger posting is not necessary for journal proper.
→
Cash discount allowed should be debited to discount A/c.
→
In the early times of civilization, accounting was done by owners.
→
A bank loan account is a Nominal account.
→
Balance of the depreciation account is transferred to Profit and Loss A/c.
→
A person whose assets are equal to or greater than liabilities is known as insolvent.
→
Trade discount is recorded in the books of accounts.
→
Ledger accounts are balanced every day.
→