Font size
WorksheetsChapter 14: Impairment Loss
Total questions: 14
Worksheet time: 9mins
What is meant by allowance for impairment loss?
A dead person unable to pay what he owes
When you suspect that a trade receivable is unable to pay
When a person is suspected to be bankrupt
Whenever impairment for allowance is recorded
Which of the following correctly defines prudence concept?
To understate expense and overstate income
To overstate expense and understate income
To not overstate assets and profit.
To not overstate expense
Where should you record your Impairment Loss on Trade Receivables?
Income statement, under expense
Income statement, under income
Balance sheet, under current assets
Balance sheet, under current liabilities
Where should you record your Allowance for Impairment of Trade Receivables?
Income statement, under expenses
Income statement, under income
Balance sheet, under current assets
Balance sheet, under current liabilities
When a trade receivable is BANKRUPT and UNABLE to pay, you...
Debit Trade Receivables
Credit Impairment Loss
Credit Allowance for Impairment
Credit Trade Receivables
To INCREASE my allowance for impairment on trade receivables, I need to...
Dr Allowance for impairment
Cr Impairment Loss
Dr Impairment Loss
Cr Allowance for impairment
Dr Trade Receivables
Cr Allowance for impairment
Dr Allowance for impairment
Cr Trade Receivables
To DECREASE my allowance for Impairment on trade receivables, I need to...
Dr Trade Receivables
Cr Impairment Loss
Dr Impairment Loss
Cr Allowance for Impairment Loss
Dr Allowance for impairment Loss
Cr Trade Receivables
Dr Allowance for Impairment Loss
Cr Impairment Loss
To write off a debt due to BANKRUPTCY, I need to...
Dr Allowance for Impairment
Cr Trade Receivables
Dr Trade Receivables
Cr Allowance for Impairment
Dr Allowance for Impairment
Cr Impairment Loss
Dr Impairment Loss
Cr Allowance for Impairment
Whenever a trade receivable is BANKRUPT/ DIES, I will credit trade receivables to...
Increase trade receivables
Increase impairment loss
Decrease trade receivables
Decrease allowance for impairment loss
What are the entries you would encounter under IMPAIRMENT LOSS ACCOUNT?
Balance b/d
Impairment Loss
Profit and Loss
Balance b/d
Impairment Loss
Allowance for Impairment Loss
Profit and Loss
Allowance for Impairment Loss
Profit and Loss
Trade Receivables
What are the entries you would encounter under ALLOWANCE FOR IMPAIRMENT LOSS ACCOUNT?
Balance b/d
Impairment Loss
Trade Receivables
Balance b/d
Trade Receivables
Impairment Loss
Cash at Bank
Allowance for impairment loss
Trade receivables
*BONUS* Which of the following is your favourite subject?
English
Principles of Accounting
Elementary Mathematics
Science
*BONUS* Which of the following subject is/ are the most crucial for N level?
English
Elementary Mathematics
Principles of Accounting
Sciences
*BONUS* Which of the following is your FAVOURITE teacher?
MISS LIM
MRS LIM
MR LIM
MDM LIM
