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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is economic life in machinery?
💡 Hint: Think about when it's most cost-effective to use the machine.
Question 2
Easy
How do you calculate depreciation using the double declining method?
💡 Hint: Remember to use the initial or previous year's book value.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the primary purpose of calculating economic life?
- To determine when to replace a machine
- To calculate profit
- To assess market trends
💡 Hint: Focus on efficiency and cost.
Question 2
True or False: Depreciation increases the book value of an asset.
- True
- False
💡 Hint: Consider how assets are affected over time.
Solve 2 more questions and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A construction company owns a crane with an initial cost of ₹50,00,000. If the salvage value is ₹10,00,000 after 10 years, calculate the annual depreciation using the double declining balance method. Show all steps.
💡 Hint: Use the formula provided for each year.
Question 2
Consider a machine that has increased in costs annually at 5% due to inflation. If the purchase price was ₹40,00,000, what will its cost be at the end of the 5th year?
💡 Hint: Use the formula for compound interest to factor inflation.
Challenge and get performance evaluation