Accounting Test Paper Questions With Answers On Accounting .
g Free Online Accounting Concepts & Principles”Accounting Test Paper Questions with Answers OnAccounting For Depreciation Of Fixed AssetsNOTE:This Accounting test paper on Accounting Concepts is divided into two sections: Section A: 10 questions on True Or False Section B: 20 questions on Multiple Choice QuestionSection A: Questions On True or epreciation is a non cash flow itemLoss on sale of fixed asset is a non-operatingexpenseReducing balance method of providing fordepreciation is where the amount of depreciationis reduced from year to yearTo record depreciation charge for the year, weshould credit Income Statement and debitProvision for Depreciation in the Balance Sheet(Page 1)[If you need more questions and answers E-books on subjects like bookkeeping, financial accounting, costing/managerial accounting and financialmanagement, pl visit http://www.basiccollegeaccounting.com ]
g Free Online Accounting Concepts & Principles”Accounting Test Paper Questions with Answers OnAccounting For Depreciation Of Fixed FalseTrueFalseTrueFalseA loss incurred on the disposal of plant andmachinery should be debited to Income StatementThe provision for depreciation of the asset sold istransferred to the debit side of the Provision forDepreciation AccountWhen a fixed is sold for a profit, the amounttransferred to the Income Statement by a debit indisposal of fixed asset accountDepreciation is the cost of current asset wearingawayIn the reducing balance method, depreciation rate isapplied on the cost of the assetThe balance of the Provision for Depreciation accountis shown on the Trial Balance as a Credit(Page 2)[If you need more questions and answers E-books on subjects like bookkeeping, financial accounting, costing/managerial accounting and financialmanagement, pl visit http://www.basiccollegeaccounting.com ]
g Free Online Accounting Concepts & Principles”Accounting Test Paper Questions with Answers OnAccounting For Depreciation Of Fixed AssetsSection B: Questions On Multiples Choice Questions:1What is the purpose of making a provision for depreciation in the accounts?ABCDTo make a provision for repairsTo make cash available to replace fixed assetsTo show the current market value of fixed assetTo charge the cost of fixed assets against profits2ABCDWhat is depreciation?The residual value of a fixed asset plus its original costThe cost of a replacement for a fixed assetThe cost of an asset wearing awayThe part of the cost of the fixed asset consumed during the period of use by the business3ABCDWhat is ignored in the computation of depreciation of a fixed asset?its length of expected useful economic life to the businessits costits cost of repairsits estimated residual value at the end of its useful life in the business4ABCDWhat does it mean by the yearly method of depreciationNo depreciation in the year of purchase and full year's depreciation in year of saleFull year's depreciation in year of purchase and no depreciation in year of saleFull year's depreciation in year of purchase and saleMonthly depreciation in year of purchase and sale5ABCDIn the accounting records, the fixed assets are normally recordedAt costAt book valueAt scrap valueAt replacement value6ABCSalvage value meanscash to be paid when asset is disposed offestimated disposal valuedefinite sale price of the asset(Page 3)[If you need more questions and answers E-books on subjects like bookkeeping, financial accounting, costing/managerial accounting and financialmanagement, pl visit http://www.basiccollegeaccounting.com ]
g Free Online Accounting Concepts & Principles”Accounting Test Paper Questions with Answers OnAccounting For Depreciation Of Fixed AssetsDcash to be received when life of the asset ends7ABCDDepreciation follows which accounting conceptHistorical cost conceptMatching conceptMoney measurement conceptGoing concern concept8ABCDWhich of the following is not a method of depreciation?RevaluationReducing balanceReplacement methodStraight line9ABCDWhat method do we use for depreciating tools,cratesDiminishing balance methodRevaluataion methodStraight line methodReducing balance method10ABCDWhich item may be included in a Balance Sheet at more than historical costWork-in-progressGoodwillResearch expenditureLand and Building11ABCDIn Straight line method of depreciation, which is excludedUseful life of the assetsCost of the assetsAnnual cost of repairsExpected salvage value12A motor van was bought for 20,000 on 1 September 2005 with a residual value of 2,000. Depreciation was charged at 20% by the reducing balance method on yearlybasis. It was sold for 18,000 after three years of use on 30 September 2008.Compute the profit on sale of asset.ABC 7,760 505 5,201(Page 4)[If you need more questions and answers E-books on subjects like bookkeeping, financial accounting, costing/managerial accounting and financialmanagement, pl visit http://www.basiccollegeaccounting.com ]
g Free Online Accounting Concepts & Principles”Accounting Test Paper Questions with Answers OnAccounting For Depreciation Of Fixed AssetsD13ABCD14ABCD15ABCD16ABCD 990A fixed asset cost 100,000, had a book value of 40,000. It was sold for 10,000.What is the provision for depreciation sold? 30,000 60,000 10,000 50,000A company is exploring the impact of the two method of depreciation. On 1 January,it bought a machinery for 15,000. The methods are (i) straight line where useful lifeis 4 years and residual value is 2,000 and (ii) Reducing balance method -at the rateof 20% per annum. Show how the company's profit be affected if the staright linemethod is used rather than the reducing method?Profit increased by 250Profit increased by 300Profit decreased by 500Profit decreased by 1,100The cost of the fixed asset is 100,000, provision for depreciaiton is 10,000,depreciation charge for the year are 2,000. Show the net book value of the fixedasset in the Balance sheet 74,000 55,000 24,000 78,000A machine was bought for 100,000. Its estimated useful life is four years with aresidual value of 10,000. Depreciation is charged on the straight line method. Whatis the percentage of depreciation rate on an annual basis?15%22.50%35%25%(Page 5)[If you need more questions and answers E-books on subjects like bookkeeping, financial accounting, costing/managerial accounting and financialmanagement, pl visit http://www.basiccollegeaccounting.com ]
g Free Online Accounting Concepts & Principles”Accounting Test Paper Questions with Answers OnAccounting For Depreciation Of Fixed Assets17abcd18abcd19abcd20abcdMotor Vehicles account has a balance of 80,000 and provision for depreciationaccount has a balance of 20,000. One motor vehicle which was bought two yearsago for 10,000 for 20,000. The motor vehicle has been depreciated at 20% perannum on cost. What was the balance on the provision of depreciation after thisdisposal? 12,000 15,600 16,000 10,400A fixed asset cost 12,000 and sold for 5,000. At the date of disposal, its net bookvalue is 2,000. So what is the profit or loss on disposal of this fixed asset? 2,000(loss) 3,000(loss) 2,000(profit) 3,000(profit)A machine which was bought for 180,000 on 30 April 2008. The residual value was 5,000 and depreciation rate was 25%. Depreciation is to be charged under thereducing balance method on month to month basis. Compute the depreciation at31st December 2008 15,000 18,000 19,000 30,000Company XYZ uses the straight line method of depreciation for all its fixed assets.On 1 January it bought a machine on hire purchase. The cash price was 150,000and the interest for the year is %16,500. The estimated useful life of the mahine isfive years with no residual value. What is the charge for depreciation for the yearended 31 December? 15,500 30,000 26,900 42,550(Page 6)[If you need more questions and answers E-books on subjects like bookkeeping, financial accounting, costing/managerial accounting and financialmanagement, pl visit http://www.basiccollegeaccounting.com ]
g Free Online Accounting Concepts & Principles”Accounting Test Paper Questions with Answers OnAccounting For Depreciation Of Fixed AssetsAnswersSection A: True(T) or False(F)1T6T2T7T3T8F4F9F5T10T12345678910SECTION B: MCQd11d12c13b14a15b16b17c18b19d20cabadbcddb(Page 7)[If you need more questions and answers E-books on subjects like bookkeeping, financial accounting, costing/managerial accounting and financialmanagement, pl visit http://www.basiccollegeaccounting.com ]
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FINANCIAL ACCOUNTING : MEANING, NATURE AND ROLE OF ACCOUNTING STRUCTURE 1.0 Objective 1.1 Introduction 1.2 Origin and Growth of Accounting 1.3 Meaning of Accounting 1.4 Distinction between Book-Keeping and Accounting 1.5 Distinction between Accounting and Accountancy 1.6 Nature of Accounting 1.7 Objectives of Accounting 1.8 Users of Accounting Information 1.9 Branches of Accounting 1.10 Role .
The Accounting Paraprofessional Test (APT) is a written exam given to all applicants for accounting paraprofessional jobs. What kinds of questions are on the test? The test measures the basic abilities common to accounting paraprofessional jobs. There are sixty items on this test. The test questions are not divided into sections.
1. What does cost accounting involve? A. Drawing up balance sheet B. Writing off of costs C. Ascertainment of cost D. Preparation of statement of value added E. Annual audit of financial statement 2. Cost accounting is an integral part of A. Financial accounting B. Forensic accounting C. Treasury accounting D. Historical accounting
Mock Assessment Test Paper 1 1-79 Mock Assessment Test Paper 2 80-167 Mock Assessment Test Paper 3 168-247 Mock Assessment Test Paper 4 248-303 Mock Assessment Test Paper 5 304-383 Mock Assessment Test Paper 6 384-448 Mock Assessment Test Paper 7 449-526
Accounting Policies, Changes in Accounting Estimates and Errors Objective 1 The objective of this Standard is to prescribe the criteria for selecting and changing accounting policies, together with the accounting treatment and disclosure of changes in accounting policies, changes in accounting estimates and
ACCT 2100 Principles of Accounting 3 Ph.D. Accounting Virginia Tech Yes ACCT 3131 Cost Accounting I 3 Yes Berrigan, Isabel M ACCT 3124 Governmental Accounting 3 M.S. Accounting - Auditing University of New Orleans No ACCT 2100 Principles of Accounting 3 M.S. Accounting University of New Orleans No ACCT 3
Level 3 Accounting OVERVIEW – Course Information page ii General Overview NCEA Level 3 Accounting covers partnership accounting, company accounting, company annual report interpretation, cost accounting, management accounting and decision making. The Accounting Scholarship Standard is one standard with a focus on repo
JAPANESE SECOND LANGUAGE Written examination Thursday 26 November 2020 Reading time: 11.45 am to 12.00 noon (15 minutes) Writing time: 12.00 noon to 2.00 pm (2 hours) QUESTION AND ANSWER BOOK Structure of book Section Number of questions Number of questions to be answered Number of marks 1 – Part A – Part B 1 1 1 1 10 10 2 – Part A – Part B 1 1 1 1 20 15 3 4 1 20 Total 75 Students .
