QUESTION 1

1. WHICH ONE OF THE FOLLOWING STATEMENTS DEFINE THE TERM DEPRECIATION

A. Represent a systematic allocation of the cost price (losses) to the financial position statement

B. REFLECTS THE ACQUISITION COSTS OF AN ASSET PRODUCTION POTENTIAL OVER THE PERIOD OF USE

C. REFLECTS THE LOSS OF AN ASSET PRODUCTION POTENTIAL OVER THE PERIOD OF USE

QUESTION 2

THE RESIDUAL OR SALVAGE VALUE REFERS TO THE:

A. ESTIMATED VALUE OF AN ASSET AT DATE OF PURCHASE

B. REFLETS THE LOSS OF AN ASSET PRODUCTION POTENTIAL OVER THE PERIOD OF USE

C.ESTIMATED VALUE OF AN ASSET AT THE END OF ITS USEFUL LIFE

QUESTION 3

THE PURPOSE FOR PROVIDING DEPRECIATION AT THE END OF THE YEAR IS TO:

A. ACCOUNT FOR THE COST OF USE OF AN ASSETS DURING THE PERIOD UNDER REVIEW

B.ESTIMATE THE VALUE OF AN ASSETS AT THE END OF ITS USEFUL LIFE

C.SHOW THE ACCUMULATED DEPRECIATION ON THE STATEMENT OF FINANCIAL POSITION

QUESTION 4

THE ACCOUNTING PRINCIPLE OR CONCEPT APPLIED IN RECOGNISING DEPRECIATION INTO ACCOUNTING BOOKS IS REFERRED TO AS:

A. GOING CONCERN BASIS

B.MATCHING PRINCIPLE

C.ACCRUAL BASIS

QUESTION 5

WHEN THE COST PRICE METHOD/STRAIGHT LINE /FIXED INSTALLATION METHOD IS USE, THE DEPRECIATION AMOUNT WILL BE CALCULATED AS:

A.COST PRICE LESS REDSIDUAL VALUE

B.OR REMAIN THE SAME AS THE COST PRICE OF AN ASSET

C.THE SAME AMOUNT AS THE CARRYING VALUE OF THE PREVIOUS PERIOD

QUESTION 6

WHEN THE DIMINISHING BALANCE METHOD IS IN USE, THE DEPRECIATION AMOUNT WILL BE CALCULATED IN THE FIRST YEAR AS:

A. COST PRICE LESS RESIDUAL VALUE

B. THE AMOUNT SHOWN AS THE CARRYING VALUE OF THE PREVIOUS PERIOD

C. OR REMAIN THE SAME AS THE COST PRICE

QUESTION 7

WHICH PRINCIPLE AMOUNT IN ACCOUNTING ALLOWS THE RECOGNITION OF ACCOUNTS RCEIVABLE AND ACCOUNTS PAYABLE TRANSACTIONS INTO ACCOUNTING BOOKS

A. MATCHING PRINCIPLE

B. GOING CONCERN

C.ACCRUED BASIS

QUESTION 8

WHICH ACCOUNTING PRINCIPLE IS APPLIED TO DETERMINE THE PERFORMANCE OF AN ENTITY AT THE END OF THE FINANCIAL PERIOD

A. GOING CONCERN

B. MATCHING PRINCIPLE

C. ACCRUAL BASIS

HI.CAN I PLEASE GET ANSWERS AS SOON AS POSSIBLE