ACC11L13 Fixed Assets: Grade 10 Revision

Quiz
•
Specialty
•
11th Grade
•
Easy

Woodridge Connect
Used 1+ times
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16 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Depreciation is a non-cash transaction
YES
NO
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
For every debit there is an equal credit
Historical Cost Primciple
Prudence Principle
Materiality Principle
Double entry Principle
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Depreciation goes on the _____ side of the general ledger
Debit
Credit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Land and Buildings will be recorded at the original cost price regardless of the current market value
Business entity principle
Going concern Principle
Historical Cost Principle
Concept of Materiality
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Accumulated depreciation goes on the _____ side of the general ledger
Debit
Credit
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The owner's vehicle will not be found in the fixed asset note of the business.
Business Entity Principle
Materiality Principle
Going-concern Principle
Historical Cost Principle
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The carrying value of an asset is the worth of the asset before depreciation has been taken into account.
TRUE
FALSE
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