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Question 1 Equipment was purchased for R90 000 on 1 March 2020. Depreciation rate on the equipment is 10% pa on the diminishing balance. What

Question 1

Equipment was purchased for R90 000 on 1 March 2020.

Depreciation rate on the equipment is 10% pa on the diminishing balance. What is the net carrying value of equipment on the 28 February 2022? (ignore VAT).

a. R17100

b.R72000

c.R81000

d.R72900

Question 2

Carrying value of an asset is the same as net book value?

True or False?

Question 3

Accumulated depreciation is debited when an non-current asset is sold?

True or False?

Question 4

Depreciation is an asset account?

True or False?

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