ACC11L13 Fixed Assets: Grade 10 Revision

ACC11L13 Fixed Assets: Grade 10 Revision

11th Grade

16 Qs

quiz-placeholder

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ACC11L13 Fixed Assets: Grade 10 Revision

ACC11L13 Fixed Assets: Grade 10 Revision

Assessment

Quiz

Specialty

11th Grade

Easy

Created by

Woodridge Connect

Used 1+ times

FREE Resource

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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