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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define depreciation in your own words.
💡 Hint: Think about how value decreases over time.
Question 2
Easy
What are outstanding expenses?
💡 Hint: These are expenses looming over the accounts.
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 the purpose of depreciation in accounting?
- To reduce asset value
- To increase liability
- To inflate profits
💡 Hint: Think about asset treatment in accounting.
Question 2
True or False: Prepaid expenses are recorded as liabilities.
- True
- False
💡 Hint: Reflect on when expenses are recognized.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has made provisions for taxes worth ₹20,000, accrued income of ₹8,000, and outstanding expenses of ₹5,000. Prepare the relevant journal entries.
💡 Hint: Consider how each item would appear in double-entry bookkeeping.
Question 2
Discuss the potential impact on a company's final accounts if outstanding expenses are not recorded. Provide an example.
💡 Hint: Reflect on how accurate financial health depends on proper recording.
Challenge and get performance evaluation