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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What account is debited when depreciation is charged directly?
💡 Hint: Think of the name of the expense account.
Question 2
Easy
What does the Provision for Depreciation account represent?
💡 Hint: Consider the purpose of holding provisions.
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 charged directly to the asset account when depreciation is recorded?
- Cost of land
- Depreciation A/c
- Profit & Loss A/c
💡 Hint: Think about what expense is recognized.
Question 2
True or False: Provision for Depreciation is used to increase asset values.
- True
- False
💡 Hint: What is the purpose of setting aside provisions?
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company bought equipment for $12,000 with a residual value of $2,000 and a useful life of 4 years. Prepare the journal entries for the first year using the straight-line method.
💡 Hint: Use the straight-line method to calculate annual depreciation first.
Question 2
Explain why an organization might prefer to use a provision for depreciation rather than charging it directly.
💡 Hint: Consider the implications of financial health in accounting practices.
Challenge and get performance evaluation