Revision [Module 4 - 9]
Quiz
•
Business, Other
•
11th Grade
•
Practice Problem
•
Hard
Uyanda Ngobeni
Used 4+ times
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16 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A partnership has a maximum of how many people?
1
2
20
No limit
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the 2 is the correct formula to calculate depreciation using the diminished balance method?
CV X Depreciation % x Period/12
Cost x Depreciation % x Period/12
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Trading Accounts: What goes into the Credit side of a Trading Account?
Depreciation
Sales
Cost of Sales
Profit and Loss
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Trading Accounts: What goes into the Debit side of a Trading Account?
Profit and Loss
Cost of sales
Sales
5.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Asset Disposal Account: What goes into the Debit side of an Asset Disposal Account?
Depreciation
The cost of the asset being sold
Accumulated depreciation
Profit on sale of asset
Selling price of the asset
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT part of the primary distribution?
Bonuses of partners
Interest on Capital
Salaries of partners
Interest Income
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
How is the secondary distribution calculated?
Profit less Primary distribution
Profit x Profit sharing % of each partner
Profit less Salaries less Interest on capital less bonuses
Capital x Profit sharing ratio
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