Question 1 A machine costing $5000 has an accumulated depreciation of $3000 and the rate is 20%. What will be the current depreciation using reducing balance method? 600 200 400 Question 4 Revenues are the same as profit. O FALSE Depends It differs from business to business Question 5 A credit balance brought down on a Rent Account means We owe that rent at that date We have paid that rent in advance at that date We have paid too much rent Question 12 A Provision for Doubtful Debts is created When debtors become bankrupt To provide for possible bad debts To write off bad debts. Question 13 The Journal is Part of the double entry system Not part of the double entry system Used when other journals have been mislaid. Question 15 The credit entry for net profit is on the credit side of The trading account The drawings account The capital account Question 17 FA debit balance brought down on a Packing Materials Account means We are owed for packing materials We have lost money on packing materials We have a stock of packing materials unused