What are the accounting entries when we remove the accumulated depreciation of non-current assets (NCA)?
Hint: Step 2
Depreciation (2)
Quiz
•
Business
•
6th - 8th Grade
•
Medium
KWUN NG
Used 13+ times
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9 questions
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1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What are the accounting entries when we remove the accumulated depreciation of non-current assets (NCA)?
Hint: Step 2
Dr. Accumulated depreciation
Cr. Disposal
Dr. Depreciation on NCA
Cr. Accumulated depreciation
Dr. Bank/cash
Cr. Disposal
Dr. Disposal
Cr. Cost of NCA
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The office equipment was purchased on 1 October 2020, Based on a full-year basis depreciation policy,
How many years should be counted when calculating accumulated depreciation?
(For the year ended 31 December 2024)
5 years
6 years
7 years
None of them
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A lorry (貨車) was purchased on 1 May 2023, the financial year ended on 31 October 2023. Accounting to the monthly basis policy, how many months should be counted when calculating depreciation?
1 year
8 months
6 months
5 months
4.
MULTIPLE CHOICE QUESTION
45 sec • 2 pts
Ada purchased a computer (at the cost of $30,000) on 1 October 2023, the depreciation rate is 30%.
What is the annual depreciation expense for the year ended 31 december 2023?
(by using a monthly basis)
$2,250
$5,250
$4,560
$9,000
5.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
What is the first step when we try to record the disposal (變賣)
Proceeds received
Take away NCA's Acc. Dep.
Record disposal profit/loss
Take away the cost of NCA
6.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
If the net book value is more than (>) disposal value, it should be recorded in the loss on disposal
Yes
No
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the double entries to record the loss on disposal?
Dr. Loss on disposal
Cr. Disposal account
Dr. Gain on disposal
Cr. Disposal account
Dr. Disposal account
Cr. Gain on disposal
Dr. Disposal account
Cr. Loss on disposal
8.
MULTIPLE CHOICE QUESTION
45 sec • 3 pts
The machinery (at the cost of $20,000) was purchased on 1/3/2022. On 31/12/2022, the accumulated depreciation was recorded at $4,000 (full-year basis).
The disposal value of $ 17,000 was sold on 1/4/2023.
What is the amount of disposal profit/loss?
Loss on disposal
$ 1,000
Gain on disposal
$ 1,000
Gain on disposal
$ 3,000
Loss on disposal
$ 3,000
9.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
On 1 January 2021, you purchased the computer A for $40,000
On 1 January 2023, the trade-in value of the computer A was $5,000 while the cost of the computer B was $30,000. The balance was paid by cheque on the same date.
What are the accounting entries for trade-in transaction?
Dr. Cost of the computer A $40,000
Cr. Disposal $35,000
Cr. Bank $5,000
Dr. Cost of the computer A $40,000
Cr. Disposal $5,000
Cr. Bank $35,000
Dr. Cost of the computer B $30,000
Cr. Disposal $25,000
Cr. Bank $5,000
Dr. Cost of the computer B $30,000
Cr. Disposal $5,000
Cr. Bank $25,000
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