Depreciation

Depreciation

12th Grade

20 Qs

quiz-placeholder

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Depreciation

Depreciation

Assessment

Quiz

Business

12th Grade

Practice Problem

Hard

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Depreciation expense has a normal balance of...

debit
revenue
equity
credit

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the formula for straight-line depreciation?

Depreciation expense = (Cost - Salvage value) / Useful life
Depreciation expense = (Cost - Salvage value) x Useful life
Depreciation expense = (Cost - Salvage value) x 2 / Useful life
Depreciation expense = (Cost - Salvage value) / 2 x Useful life

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term used for the systematic allocation of the cost of an intangible asset over its useful life?

Amortization

Appreciation

Depreciation

Depletion

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of depreciation?

To summarize financial performance of a business
To adjust the cost of an asset over time
To record the loss of value of an asset
To reduce tax liability

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A method that equally distributes the depreciation expense over an asset’s estimated useful life.

Accelerated Depreciation

Straight Line Depreciation

Double Declining Balance Depreciation

Sum of the Years Digit Depreciation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accumulated depreciation has a normal balance of...

debit
asset
expense
credit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

During the final step of closing entries, what are my debits and credits?

Debit Retained Earnings, Credit Income Summary
Debit Expenses, Credit Income Summary
Debit Dividends, Credit Income Summary

Debit Income Summary, Credit Retained Earnings

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