Ncea Accounting Level 1 [income Statement + Balance Day Adjustments]

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1. Depreciation on the $50,000 vehicle is based on it lasting 5 years [estimated useful life] and a salvage/residual value of $10,000.

Vehicles don't depreciation so it must be $0.

If the vehicle is a Ford, it does not depreciate.

If the vehicle is a Holden, it does not depreciate.

Excellence.

Explanation

Excellence.

About This Quiz

Kia Ora WhānauAnother awesome quiz from Brosir. Com - making learning awesome, easy and FREE!Income Statement + Balance Day AdjustmentsOnce you have stared at the photo of Jacob long enough, feel free to continue the quiz :)

2. What first name or nickname would you like us to use?

You may optionally provide this to label your report, leaderboard, or certificate.

2. Inventory of $15 000 is on hand as at 31 March 2010.

One day the sun will blow up.

Fantastic - this is the last question in the quiz!

"Mr P, can you please buy me pie?"

not-available-via-ai

Explanation

not-available-via-ai

3. The purpose of an Income Statement is to show:

How awesome Jerry is at Table Tennis.

E=mc squared.

Income, expenses, and net profit.

Life is like a box of chocolates, you never know which one you gonna get.

Achieved question.

Explanation

Achieved question.

4. Balance Day Adjustment Invoices sent out to customers of $3,220 including GST means:

The world is flat.

7,000 years ago was a very long time for the introduction of Accounting.

Accounts payable will increase because I know Accounts Payable is the wrong answer.

This is an excellence question.

Explanation

This is an excellence question.

5. Balance Day Adjustment Interest of $145 on the Loan due 2020 at 10% p.a. is still owing.

Interest is as interesting as Accounting with Mr P

Hakuna Matata!!!!

I wish I could fly like a kiwi

Merit.

Explanation

Merit.

6. Balance Day Adjustment Rent of $250 has been received in advance.

My caregiver pays the rent - doesn't affect me.

I live in a cardboard box.

I wish I received $1,000,000 in advance everyday.

Merit

Explanation

Merit

7. Balance Day Adjustment Insurance of $600 has been paid in advance.

I don't believe in insurance, so any answer is correct.

Insurance. Pfft. Who needs that.

Merit question.

Explanation

Merit question.

8. Balance Day Adjustment Invoices on hand for purchases of $2,185 including GST means:

Wow the above answer seems really detailed, and well constructed, and so therefore it must be correct.

Yeah, what that answer said.

Purchases = $1393. GST = $989....yeah I really have no idea...

This is an excellence question.

Explanation

This is an excellence question.

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