BACC 15 July PPE part 1

BACC 15 July PPE part 1

12th Grade

10 Qs

quiz-placeholder

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BACC 15 July PPE part 1

BACC 15 July PPE part 1

Assessment

Quiz

Business

12th Grade

Medium

Created by

SBAMP SBAMP

Used 1+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are Property, Plant and Equipment (PPE) also called?

Current assets

Intangible assets

Liquid assets

Fixed assets

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following costs should be included when determining the cost of PPE?

Uninsured theft

Import duties

Mistakes in installation

Vandalism

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of expenditures are known as capital expenditures for PPE?

Expenditures to enhance the value

Expenditures to increase operating efficiency, productive capacity or useful life

Expenditures to decrease useful life

Expenditures to repair or maintain assets

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Straight-Line Method of depreciation, what is the formula to calculate annual depreciation?

Cost of PPE - Residual value / Useful Life

Cost of PPE + Residual value / Useful Life

Cost of PPE x Residual value / Useful Life

Cost of PPE / Useful Life

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How should companies record the disposal of PPE by sale?

Crediting the Asset account

Crediting Accumulated Depreciation

Debiting Accumulated Depreciation and crediting the Asset account

Debiting Cash account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What occurs when the proceeds from the sale of PPE exceed the net book value?

Depreciation expense increases

No impact on financial statements

A loss on disposal occurs

A gain on disposal occurs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which method of depreciation has a decreasing annual depreciation expense over the asset's useful life?

Reduction Balance Method

Straight-Line Method

Units of Production Method

Double-Declining Balance Method

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