An annuity is a series of equal payments occuring at equal time intervals, and this amount includes the sum of all payments plus interest, if allowed to accumulate at a definite rate of interest from the time of initial payment to the end of annuity term. Ordinary annuity is used in the calculation of the

The depreciation during the year 'n', in diminishing balance method of depreciation calculation, is calculated by multiplying a fixed percentage 'N' to the

A. Initial cost

B. Book value at the end of (n - 1)^th year

C. Depreciation during the (n - 1)^th year

D. Difference between initial cost and salvage value

Which of the following is not a current asset of a chemical company?

A. Inventories

B. Marketable securities

C. Chemical equipments

D. None of these

In declining balance method of depreciation calculation, the

A. Value of the asset decreases linearly with time

B. Annual cost of depreciation is same every year

C. Annual depreciation is the fixed percentage of the property value at the beginning of the particular year

D. None of these

Generally, income taxes are based on the

A. Total income

B. Gross earning

C. Total product cost

D. Fixed cost