FAPS Recap - Depreciation
Authored by Emma Barlow
Business
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10 questions
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1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Non-current assets lose value (depreciate) over time as a result of what?
Passage of time
Wear and tear
Economic reasons
Depletion
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of depreciation?
To increase the value of assets over time
To spread the cost of a non-current asset over its life
To eliminate taxes
To keep a track of how many times time an asset has been used
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the two methods of calculating depreciation?
Cash flow method
Revenue recognition method
Diminishing/Reducing Balance method
Straight Line method
4.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which accounts are used to record depreciation?
Depreciation charges account
Accounts Payable
Accumulated depreciation
Sales Revenue
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is the depreciation charge shown in the SPL or SFP?
SPL as an expense
SFP as an asset
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is the cost of the asset shown in the SPL or the SFP?
SPL
SFP
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is accumulated depreciation shown in the SPL or SFP?
SPL
SFP
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