Depreciation 2

Depreciation 2

11th Grade

16 Qs

quiz-placeholder

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Depreciation 2

Depreciation 2

Assessment

Quiz

Other

11th Grade

Practice Problem

Hard

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the correct GJ entry for the following:

Paid annual registration for new motor vehicles $2 200.

Motor Vehicle DR 2000

GST Credits Received DR 2000

Cash CR 2200

Registration DR 2200

GST Collected CR 200

Cash CR 2000

Registration DR 2000

GST Credits Received DR 200

Cash CR $2200

Motor Vehicle DR 2000

GST Collected DR 2000

Cash CR 2200

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the correct GJ entry for the following:

Purchased machinery (GST inclusive) from Machinery Land $48 400.

Machinery DR 48 400

GST Collected CR 4 400

Other Payable- Machinery Land CR 44 000

Machinery DR 40 000

GST Credits Received DR 4400

Accounts Payable- Machinery Land CR 48 400

Machinery DR 48 400

Other Payable- Machinery Land CR 48 400

Machinery DR 44 000

GST Credits Received DR 4400

Other Payable- Machinery Land CR 48 400

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the journal entry for the following transaction:

Installed and paid air conditioning in building $56 100 (GST Inclusive)

Air Conditioning DR 51 000

GST Credits Received DR 5 100

Cash CR 56 100

Buildings DR 51 000

GST Credits Received DR 5 100

Cash CR 56 100

Buildings DR 56 100

GST Collected CR 5 100

Cash CR 51 00

Buildings DR 51 000

GST Credits Received DR 5 100

Other Payable CR 56 100

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is NOT a criteria for capital expenditures?

extend life of the asset

one off

add value to the asset

ongoing cost

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Odd one out: Which of the following is NOT a capital expenditure?

new tyres

repairs to asset

new engine

painting new building

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which of the following assets would NOT be amortised?

Goodwill

patents

copyright

motor vehicle

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What kind of account is accumulated depreciation?

liability

asset

negative asset

negative liability

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