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 to spread the cost of an asset over its useful life for the purpose of income determination.
  • a)
    Only (I) above
  • b)
    Only (II) above
  • c)
    Only (III) above
  • d)
    All (I), (II) and (III) above
Correct answer is option 'B'. Can you explain this answer?

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This discussion on 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 to spread the cost of an asset over its useful life for the purpose of income determination.a)Only (I) aboveb)Only (II) abovec)Only (III) aboved)All (I), (II) and (III) aboveCorrect answer is option 'B'. Can you explain this answer? is done on EduRev Study Group by CA Foundation Students. The Questions and Answers of 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 to spread the cost of an asset over its useful life for the purpose of income determination.a)Only (I) aboveb)Only (II) abovec)Only (III) aboved)All (I), (II) and (III) aboveCorrect answer is option 'B'. Can you explain this answer? are solved by group of students and teacher of CA Foundation, which is also the largest student community of CA Foundation. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for CA Foundation on EduRev and even discuss your questions like 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 to spread the cost of an asset over its useful life for the purpose of income determination.a)Only (I) aboveb)Only (II) abovec)Only (III) aboved)All (I), (II) and (III) aboveCorrect answer is option 'B'. Can you explain this answer? over here on EduRev! Apart from being the largest CA Foundation community, EduRev has the largest solved Question bank for CA Foundation.
This discussion on 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 to spread the cost of an asset over its useful life for the purpose of income determination.a)Only (I) aboveb)Only (II) abovec)Only (III) aboved)All (I), (II) and (III) aboveCorrect answer is option 'B'. Can you explain this answer? is done on EduRev Study Group by CA Foundation Students. The Questions and Answers of 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 to spread the cost of an asset over its useful life for the purpose of income determination.a)Only (I) aboveb)Only (II) abovec)Only (III) aboved)All (I), (II) and (III) aboveCorrect answer is option 'B'. Can you explain this answer? are solved by group of students and teacher of CA Foundation, which is also the largest student community of CA Foundation. If the answer is not available please wait for a while and a community member will probably answer this soon. You can study other questions, MCQs, videos and tests for CA Foundation on EduRev and even discuss your questions like 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 to spread the cost of an asset over its useful life for the purpose of income determination.a)Only (I) aboveb)Only (II) abovec)Only (III) aboved)All (I), (II) and (III) aboveCorrect answer is option 'B'. Can you explain this answer? over here on EduRev! Apart from being the largest CA Foundation community, EduRev has the largest solved Question bank for CA Foundation.