Accounting Adjustments | Baamboozle - Baamboozle

Define a bad debt

Bad debts are monies deemed irrecoverable from accounts receivable

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Accrued revenue are recorded as

A current Asset

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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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What are the 2 methods of calculating depreciation?

Straight Line and Reducing Balance Method

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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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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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Define accrued expense and give an example

An an expense amount owing that has rolled over into another period example rent owing from one month going into a new month

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thief

Give points!

shark

Other team loses 25 points!

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shark

Other team loses 5 points!

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thief

Give points!

monster

Reset all scores!

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seesaw

Swap points!

Okay!

shark

Other team loses 25 points!

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banana

Go to last place!

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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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What is the formula for straight line method?

cost - residual value / number of years useful

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seesaw

Swap points!

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shark

Other team loses 10 points!

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gift

Win 20 points!

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thief

Give points!

What type of account does prepaid expenses fall under?

Current Asset

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Accrued expenses are classed as what account?

Current Liability

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Name 2 causes of depreciation

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

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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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