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warm-up minigame

Authored by K57 VAN

Education, Business

University

Used 9+ times

warm-up minigame
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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

"In computing Modified Accelerated Cost Recovery System (MACRS) depreciation, salvage value is ignored."

True

False

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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Which following is a specific business entity separate from the personnel affair of the owner?

Objectivity principle

Stable currency principle

Entity principle

Matching principle

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

What refers to the systematic allocation of the depreciation amount of an intangible asset over its useful life?

Amortisation

Depreciation

None of these

Both of these

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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IRS stands for _____________

Internal Revenue Service

International Revenue Service

Intermediate Revenue Service

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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The official statements of income and taxes owed

To Tax File

Tax Returns

Tax Service

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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The asset is depreciated by a constant amount every year

sum-of-the-years-digit method

straight-line method

unit of production method

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

Set of accounting is called ______.

Accounting principle

IFRS

Financial accounting

GAAP

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