FAPS Recap - Depreciation

FAPS Recap - Depreciation

Professional Development

10 Qs

quiz-placeholder

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FAPS Recap - Depreciation

FAPS Recap - Depreciation

Assessment

Quiz

Business

Professional Development

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Created by

Emma Barlow

Used 12+ times

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10 questions

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1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Non-current assets lose value (depreciate) over time as a result of what?

Passage of time

Wear and tear

Economic reasons

Depletion

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of depreciation?

To increase the value of assets over time

To spread the cost of a non-current asset over its life

To eliminate taxes

To keep a track of how many times time an asset has been used

3.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the two methods of calculating depreciation?

Cash flow method

Revenue recognition method

Diminishing/Reducing Balance method

Straight Line method

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which accounts are used to record depreciation?

Depreciation charges account

Accounts Payable

Accumulated depreciation

Sales Revenue

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is the depreciation charge shown in the SPL or SFP?

SPL as an expense

SFP as an asset

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is the cost of the asset shown in the SPL or the SFP?

SPL

SFP

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is accumulated depreciation shown in the SPL or SFP?

SPL

SFP

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