Accounting Depreciation End of Pathway

Accounting Depreciation End of Pathway

8th Grade

10 Qs

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Accounting Depreciation End of Pathway

Accounting Depreciation End of Pathway

Assessment

Quiz

Business

8th Grade

Medium

Created by

William Graham

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is accounting depreciation?

Accounting depreciation is the systematic allocation of the cost of an asset to expense over its useful life.

Accounting depreciation is the immediate write-off of the cost of an asset

Accounting depreciation is the process of recording the appreciation of an asset

Accounting depreciation is the increase in value of an asset over time

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the different methods of calculating depreciation?

Straight-curve method

Triple-declining balance method

There are four main methods of calculating depreciation: straight-line method, declining balance method, units of production method, and sum-of-the-years' digits method.

Double-declining balance method

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the straight-line method of depreciation.

The straight-line method of depreciation allocates more depreciation expense to the earlier years of an asset's useful life.

The straight-line method of depreciation allocates a decreasing amount of depreciation expense to each year of an asset's useful life.

The straight-line method of depreciation allocates a random amount of depreciation expense to each year of an asset's useful life.

The straight-line method of depreciation allocates an equal amount of depreciation expense to each year of an asset's useful life.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating depreciation using the straight-line method?

(Cost of Asset / Residual Value) * Useful Life

(Cost of Asset - Residual Value) / Useful Life

(Cost of Asset - Residual Value) * Useful Life

(Cost of Asset + Residual Value) / Useful Life

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the declining balance method of depreciation?

The declining balance method of depreciation is an accounting technique that reduces the book value of an asset at a fixed percentage rate each year.

The declining balance method of depreciation is only applicable to intangible assets

The declining balance method of depreciation increases the book value of an asset each year

The declining balance method of depreciation is a technique that reduces the book value of an asset at a decreasing rate

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is the declining balance method different from the straight-line method?

The declining balance method uses a constant percentage of the asset's original cost each year, while the straight-line method uses a decreasing percentage of the asset's book value each year.

The declining balance method uses a decreasing percentage of the asset's book value each year, while the straight-line method uses a constant percentage of the asset's original cost each year.

The declining balance method does not account for depreciation, while the straight-line method does.

The declining balance method is more accurate than the straight-line method in calculating depreciation.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the formula for calculating depreciation using the declining balance method?

Depreciation Expense = (Book Value at End of Year) x (Depreciation Rate)

Depreciation Expense = (Cost of Asset) x (Depreciation Rate)

Depreciation Expense = (Book Value at Beginning of Year) x (Depreciation Rate)

Depreciation Expense = (Salvage Value) x (Depreciation Rate)

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