
Disposal and Balance Day Adjustment
Authored by Xean 1511
Other
10th - 11th Grade
Used 41+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
An equipment cost $10000. Depreciation to date was $2750. It is disposes of for $6000. Calculate the gain or loss on sale of the equipment.
loss $1250
profit $1250
loss $3250
profit $3250
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How is loss on the sale of a non-current recorded
Dr. - Disposal
Cr - Income Statement
Dr. - Non-current asset
Cr. - Income Statement
Dr. - Income Statement
Cr. - Disposal
Dr. - Income Statement
Cr. - Non- current asset
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
A machine cost $25 000. It was decided to depreciate using a straight line method at the rate of 20%. Calculate the total depreciation for two years.
$4000
$5000
$9000
$10000
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
$450 accrued
$450 prepaid
$1150 accrued
$1150 prepaid
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The term outstanding means ______
payment
prepaid
owing
prepayment
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In 2005 a business paid $3000 for electricity.
On 1 January 2005, $600 was owed for electricity.
On 31 December 2005 $1300 was owed for electricity.
How much is charged for electricity in the income statement for 2005?
$3000
$3600
$3700
$4300
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
When selling price is greater than net book value, it is said to have a _______
balance of profit
booked profit
loss on sale
gain on sale
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