Bad Debts & Provision for Doubtful Debts

Bad Debts & Provision for Doubtful Debts

KG - Professional Development

20 Qs

quiz-placeholder

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Bad Debts & Provision for Doubtful Debts

Bad Debts & Provision for Doubtful Debts

Assessment

Quiz

Business

KG - Professional Development

Practice Problem

Medium

Created by

Sharon Ali

Used 26+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

A decrease in the provision for doubtful debts would result in ______________.

a reduction in net profit (profit for the year)

an increase in net profit (profit for the year)

a reduction in gross profit

an increase in gross profit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

An increase in the provision for doubtful debts would result in _______________.

an increase in revenue

an increase in expenses

a decrease in revenue

a decrease in expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Duran Ltd estimates the balance of its Provision for Doubtful Debts should be $4000 on 30 June. The current balance of the provision account is $3000. The correct General journal entry is:

Dr. Income statement $4000

CR. Provision for Doubtful Debts $4000

Dr. Income statement $1000

CR. Provision for Doubtful Debts $1000

Dr. Provision for Doubtful Debts $1000

CR. Income statement $1000

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What is the total provision for doubtful debts at the end of 2016?

$1 750

$2 000

$2 250

$3 750

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

The effect of provision for doubtful debts on the income statement in 2017 is

an increase of $250

a decrease of $250

an increase of $500

a decrease of $500

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The accounting entry for writing off a bad debt is

Dr Cash

Cr Irrecoverable debt

Dr Provision for doubtful debts

Cr Irrecoverable debt

Dr Irrecoverable debt

Cr Trade payables

Dr Irrecoverable debt

Cr Trade receivables

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Alternative term for irrecoverable debts

Bad debts

depreciation

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