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10
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Where is depreciation and provision for depreciation found in your final statements?
Depreciation - Income statement and provision for depreciation is found in the balance sheet
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What type of account does prepaid expenses fall under?
Current Asset
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Accrued expenses are classed as what account?
Current Liability
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lifesaver
Give 20 points!
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gold
Win 50 points!
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shark
Other team loses 25 points!
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thief
Give points!
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5
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What is provision for depreciation?
The accumulated depreciation of an asset charged over a period of time
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What is depreciation?
The monetary value of an asset that decreases over time due to use
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10
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A machine costing $200,000 has a net book value of $50,000 and is depreciated at 10% every year what is its current depreciation value??
$5000 (50,000 x 10%)
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5
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Accrued revenue are recorded as
A current Asset
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10
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Define accrued expense and give an example
An an expense amount owing that has rolled over into another period example rent owing from one month going into a new month
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5
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We sold some goods to a Lee Pong worth $1,000 however lee only paid us $300 and was never to be seen again how much bad debt is to be recorded?
$700 (1000-300)
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seesaw
Swap points!
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star
Double points!
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rocket
Go to first place!
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lifesaver
Give 20 points!
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5
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Define a bad debt
Bad debts are monies deemed irrecoverable from accounts receivable
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heart
Other team wins 10 points!
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gift
Win 20 points!
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fairy
Take points!
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25
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baam
Lose 15 points!
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10
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Give an example of an accrued expense
Any expense that has not been paid within a particular period of time such as rent owed at the end of march but was not paid until august
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eraser
Reset score!
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star
Double points!
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shark
Other team loses 15 points!
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baam
Lose 15 points!
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10
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Define a prepaid expense and give one example
Money paid in advance for a service/ expense for example such as rent paid a month in advance
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