Adjusting Entries MCQs
MCQs 1 To 10
1. What will be the Book value of asset if its original cost is Rs. 50,000; accumulated depreciation is Rs. 20,000; and depreciation expense for the year is Rs. 10,000?
2. Amount owing from the debtor which is not expected to be received?
3. Net realizable value of accounts receivable is?
4. A provision is?
5. What is an expense that a business has incurred but has not yet paid?
6. The amount reserved for doubtful receivables?
7. If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?
8. Which of the following asset is not depreciated?
9. Recovery of bad debts is treated as?
10. What will the effects on financial statements, if machinery is depreciated @ 10%?