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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define accumulated depreciation.
💡 Hint: What does the word 'accumulated' mean in this context?
Question 2
Easy
What is the purpose of recording depreciation in financial statements?
💡 Hint: Think about the impact on taxes.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is accumulated depreciation?
- An asset
- An expense
- A contra asset
💡 Hint: Consider what 'contra' means in accounting.
Question 2
True or False: Depreciation is recorded only on the balance sheet.
- True
- False
💡 Hint: Think about where expenses are reported.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company acquired an asset for ₹300,000. It has a useful life of 10 years and no salvage value. Calculate the depreciation expense for each year using the straight-line method and describe how it affects the financial statements.
💡 Hint: Divide the cost by the useful life.
Question 2
A business has machinery with a cost of ₹150,000 and an annual depreciation rate of 15%. After three years, what is the book value of the asset? Discuss the implications of this on financial reporting.
💡 Hint: Apply the depreciation rate annually to the remaining book value.
Challenge and get performance evaluation