
Bad Debts & Provision for Doubtful Debts
Authored by Sharon Ali
Business
KG - Professional Development
Used 26+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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
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
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
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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