Accounting Adjustments | Baamboozle - Baamboozle

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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lifesaver

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seesaw

Swap points!

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gift

Win 15 points!

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lifesaver

Give 20 points!

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Give an example of an accrued expense

Any expense that has not been paid within a particular period of time such as rent owed at the end of march but was not paid until august

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baam

Lose 5 points!

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shark

Other team loses 20 points!

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rocket

Go to first place!

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lifesaver

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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 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 type of account does prepaid expenses fall under?

Current Asset

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What is depreciation classed as in accounting?

as an expense

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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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Accrued expenses are classed as what account?

Current Liability

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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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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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Name 2 causes of depreciation

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

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baam

Lose 15 points!

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gold

Win 50 points!

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shark

Other team loses 5 points!

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baam

Lose 15 points!

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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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