Accounting Adjustments | Baamboozle - Baamboozle

Define a bad debt

Bad debts are monies deemed irrecoverable from accounts receivable

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Where is bad debt and provision for bad debt found in your final statements?

Bad debt an expense in the income statement and provision for bad debt in the balance sheet and income statement depending on an increase or decrease

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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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What is depreciation?

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

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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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What is depreciation classed as in accounting?

as an expense

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A car that was bought for $30,000 and had depreciation of $15,000 was sold for $25,000 what value would be recorded and was it a profit or a loss on the sale

Profit of $10,000 (30000-15000) and then 25000-15000

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What is the formula for straight line method?

cost - residual value / number of years useful

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Name 2 causes of depreciation

Wear and Tear, Rust, Erosion, Corrosion, Depletion, Time Factor

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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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An increase in provision for bad debts is recorded as

An expense

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Prepaid revenue is recorded as

A current liability

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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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