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Adjustment and Depreciation
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Adjustment and Depreciation
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Adjustment and Depreciation
If the asset is sold, the provision for depreciation relating to the asset is transferred to:
Asset side
Liability side
Pand L account
Trading account
Author:
rikazzz
Comment
Adjustment and Depreciation
Under depreciation fund method, the amount of depreciation is calculated with refers to _______
log tables
Sinking fund tables
Annuity tables
Present value tables
Author:
rikazzz
Comment
Adjustment and Depreciation
To adjust from Gross National Product to Net National Product:
Deduct depreciation
Deduct indirect taxes
Deduct subsidies
Add inflation
Author:
rikazzz
Comment
Adjustment and Depreciation
The balance on the provision for doubtful debts account as at 31.12.20×5 was £550 and as at 31.12.20×6 was £850. The total of outstanding debtors as at 31.12.20×6 is £8,800. The net value of debtors shown on the balance sheet as at 31.12.20×6 would be:
£7,950
£8,250
£8,500
£8,800
Author:
rikazzz
Comment
Adjustment and Depreciation
Written down value method of depreciation is also called written own value method of depreciation is also called _______
Annuity method
Insurance policy method
Fixed installment method
reducing balance method
Author:
rikazzz
Comment
Adjustment and Depreciation
An asset was purchased on 1.1.20×3 for £5,500 and is to be depreciation at 20% reducing balance. What would be the net book value of the asset as at 31.12.20×5?
£3,300
£2,816
£2,200
£3,520
Author:
rikazzz
Comment
Adjustment and Depreciation
Depreciation is provided on _______
Current asset
Fixed assets
Fictitious assets
Investment
Author:
rikazzz
Comment
Adjustment and Depreciation
Another name of accrued revenue is:
Outstanding asset
Earned asset
Unearned revenue
Earned revenue
Author:
rikazzz
Comment
Adjustment and Depreciation
Which of the following adjusting double entries is correct for earned income?
Debit = Income, Credit = Earned income
Debit = Earned income, Credit = Income
Debit = Cash, Credit = Earned income
Debit = Cash, Credit = Cash
Author:
rikazzz
Comment
Adjustment and Depreciation
A depreciation of a currency occurs when:
The value of the currency falls
The value of the currency increases
Inflation falls
The balance of payment items improves
Author:
rikazzz
Comment
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