SEBI Grade A 2024 Free Quiz – Commerce & Accountancy Questions

SEBI Grade A 2024 Free Quiz – SEBI Grade A Practice Questions Set for SEBI Grade A 2024. SEBI Grade A Commerce & Accountancy Question Set with answers Phase I & Phase II. SEBI Grade A Study Material, Books, PDFs, Free Notes, and Mock Test for of Commerce Accountancy. As we all know The Security Exchange Board of India (SEBI) has released the SEBI Grade A 2024 Notification for the recruitment of 97 Assistant Managers across the country.

If you are preparing for SEBI Grade A 2024, you will come across a section on “Commerce & Accountancy”.In this post, you will get sample questions for SEBI Grade A Commerce & Accountancy section. If you prepare this thoroughly, you can very easily crack SEBI Grade A 2024. If you want to crack SEBI Grade A 2024 exam then you should buy Best Books for SEBI Grade A 2024. Before starting the preparation for this exam you will aware of  These questions are important for SEBI Grade A Exam.

SEBI Grade A 2024 Free Quiz – Commerce & Accountancy Practice Question Set-6

1. Depreciation arises because of

1. Fall in the market value of an asset
2. Physical wear and tear
3. Fall in the value of money
4. All of the above
5. None of these

Correct Answer: B. Physical wear and tear

Explanation: Physical wear and tear

2.Depreciation is a process of

1. Valuation
2. Allocation
3. Both valuation and allocation
4. All of the above
5. None of These

Explanation: Allocation

3. Under the straight line method of providing depreciation it

1. Increase every year
2. Remain constant every year
3. Decreases every year
4. Both A & B
5. None of these

Correct Answer: B. Remain constant every year

Explanation: Remain constant every year

4. Under the diminishing balance method depreciation it

1. Increases every year
2. Decreases every year
3. Remain constant every year
4. All of the above
5. None of these

Correct Answer: B. Decreases every year

Explanation: Decreases every year

5. Under the fixed installment method of providing depreciation it is calculated on

1. Original cost
2. On balance amount
3. On scrap value
4. All of the above
5. None of these

Explanation: Original cost

6. Under the diminishing balance method, depreciation is calculated on

1. Scrap value
2. On original value
3. On book value
4. All the above
5. None of these

Correct Answer: C. On book value

Explanation: On book value

7.The cost of a depreciable asset = ?

1. Purchase cost + estimated salvage or residual value
2. Purchase cost + costs attributable to put the asset for use
3. Only purchase cost of the asset
4. Current market price of the asset
5. None of these

Correct Answer: B. Purchase cost + costs attributable to put the asset for use

Explanation:Purchase cost + costs attributable to put the asset for use

8. If the estimated useful life of an asset is 10 years, the straight line depreciation rate would be

1. 0.01%
2. 0.1%
3. 1%
4. 10%
5. None of these

Explanation: Straight-line depreciation rate in percentage = (1/Useful economic life) × 100=10%

9. Accumulated depreciation account is an example of

1. Contra asset account
2. Contra liability account
3. Contra equity account
4. Expense account
5. None of these

Correct Answer:  A. Contra asset account

Explanation: Contra asset account

10. The correct journal entry for recording depreciation on equipment is

1. Accumulated depreciation – equipment Dr; Depreciation expense – equipment Cr
2. Accumulated depreciation Dr; Equipment Cr
3. Depreciation expense – equipment Dr; Accumulated depreciation – equipment Cr
4. Equipment Dr; Depreciation expense Cr
5. None of these