Accounting Adjustments | Baamboozle - Baamboozle

What are the 2 methods of calculating depreciation?

Straight Line and Reducing Balance Method

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What is depreciation?

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

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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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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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Name 2 causes of depreciation

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

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lifesaver

Give 25 points!

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shark

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banana

Go to last place!

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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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A decrease in provision for bad debts is recorded as

A revenue

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An increase in provision for bad debts is recorded as

An expense

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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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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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Prepaid revenue is recorded as

A current liability

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seesaw

Swap points!

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gift

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baam

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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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monster

Reset all scores!

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gift

Win 10 points!

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rocket

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baam

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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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