Accounting Adjustments | Baamboozle - Baamboozle

Where is depreciation and provision for depreciation found in your final statements?

Depreciation - Income statement and provision for depreciation is found in the balance sheet

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Accrued expenses are classed as what account?

Current Liability

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Prepaid revenue is recorded as

A current liability

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What are provisions for bad debt?

Monies owed that are based off an estimate of accounts receivables

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baam

Lose 20 points!

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shark

Other team loses 20 points!

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gift

Win 25 points!

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baam

Lose 20 points!

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lifesaver

Give 10 points!

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fairy

Take points!

gift

Win 20 points!

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thief

Give points!

Our total accounts receivables are $120,000 but we estimate 25% will not pay how much money do we expect to get ?

$90,000 (120,000 x 25%) = 30,000 then 120000-30000

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What is provision for depreciation?

The accumulated depreciation of an asset charged over a period of time

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seesaw

Swap points!

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rocket

Go to first place!

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fairy

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baam

Lose 20 points!

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What is depreciation classed as in accounting?

as an expense

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What is depreciation?

The monetary value of an asset that decreases over time due to use

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A building was bought for $100,000 and is depreciated by 15% every year what is its depreciation using the straight line method?

$15,000 (15%x100000)

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The reducing balance method charges a larger amount of depreciation in the early years and lesser amounts later on is this True or False?

True

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A van was bought for $20,000 and had provision for depreciation as $5,000 what is the worth of the vehicle today?

$15,000 (20000-5000)

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An increase in provision for bad debts is recorded as

An expense

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A machine costing $200,000 has a net book value of $50,000 and is depreciated at 10% every year what is its current depreciation value??

$5000 (50,000 x 10%)

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