Double entry bookeeping
Quiz
•
Business
•
University
•
Practice Problem
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Medium
Andy McColl
Used 10+ times
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18 questions
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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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