Double entry bookeeping

Double entry bookeeping

University

18 Qs

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Double entry bookeeping

Double entry bookeeping

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Andy McColl

Used 10+ times

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18 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of double-entry bookkeeping?

To complicate the accounting process

To ignore the effects of a business transaction

To track only one side of each transaction

To track all the knock-on effects of a business transaction

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a liability in business accounts?

Sales

Unpaid bills

Cash

Office supplies

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating straight-line depreciation?

Cost + Useful life

Cost - Useful life

Cost x Useful life

Cost / Useful life

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the chart of accounts in business accounting?

To track only one side of each transaction

To ignore the effects of a business transaction

To complicate the accounting process

To show the link between daily business activities and the five accounting 'buckets'

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the reducing balance depreciation method?

To complicate the depreciation calculation

To ignore the usage of the asset

To recognize more expense in the early years of the asset's life

To recognize more expense in the later years of the asset's life

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the depreciable amount of an asset?

The original cost of the asset

The depreciation expense over the asset's useful life

The length of time the asset will be productively used within operations

The sale price of the asset

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the net effect of the differences in straight-line depreciation versus reducing-balance depreciation?

The total depreciation expense taken will be greater in the earlier years for reducing-balance depreciation.

The total depreciation expense taken will be the same for both methods.

The total depreciation expense taken will be greater in the later years for reducing-balance depreciation.

The total depreciation expense taken will be less for reducing-balance depreciation.

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