A motor vehicle was purchased for $12 000 on 1 January 2015. Its estimated residual value was $7000 and expected life 5 years. Depreciation was calculated on a month-by-month basis using the straight-line method. It was sold on 30 June 2017 and there was a loss on disposal of $2560. What were the sale proceeds?
Accounting Quiz Year 1

Quiz
•
Social Studies
•
12th Grade
•
Medium
Nayli Khadijah
Used 1+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
$3440
$4352
$6440
$6940
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The following information relates to a motor vehicle part-exchanged for a new vehicle in the year.
The balance payable for the new vehicle was paid from the business bank account. How much was the payment from the bank account?
$9000
$10 000
$15 000
$20 000
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A trader bought a machine on 1 January 2015. He depreciated it at the rate of 10% per annum using the straight-line method, and he sold it on 1 January 2017 for $4000. The profit on disposal was $200. How much had the machine cost on 1 January 2015?
$4560
$4750
$5040
$5250
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement identifies why depreciation is provided on non-current assets?
so that the cost is allocated to periods that benefit from them
so that the realisation concept is applied
so that there is enough cash in the business to replace them
so that they are shown at market value
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A used motor vehicle was part exchanged for a new motor vehicle. The balance of the purchase cost of the new motor vehicle was settled by cheque. What were the entries to record the part-exchange value?
debit bank and credit disposal
debit bank and credit motor vehicles
debit motor vehicles and credit bank
debit motor vehicles and disposal
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The bank statement of a business shows a credit balance of $1570 at 31 December. The following differences were discovered on comparing the cash book with the bank statement.
A direct debit of $230 was shown as $320 in the cash book. What is the updated cash book balance at 31 December?
$930
$1020
$2030
$2120
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
At the financial year end of a business, the following information is available.
What is the current balance in the cash book?
$400 credit
$400 debit
$550 credit
$550 debit
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