Accounting Adjustments | Baamboozle - Baamboozle

Name 2 causes of depreciation

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

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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 is depreciation classed as in accounting?

as an expense

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Accrued expenses are classed as what account?

Current Liability

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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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Define a bad debt

Bad debts are monies deemed irrecoverable from accounts receivable

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We sold some goods to a Lee Pong worth $1,000 however lee only paid us $300 and was never to be seen again how much bad debt is to be recorded?

$700 (1000-300)

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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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What type of account does prepaid expenses fall under?

Current Asset

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What is depreciation?

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

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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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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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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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