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

  • NCEA
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BroSir
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Quizzes Created: 8 | Total Attempts: 1,771
| Attempts: 171 | Questions: 8
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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.

Explanation

Excellence.

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Another 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 :)

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

Explanation

not-available-via-ai

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

Explanation

Achieved question.

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

Explanation

This is an excellence question.

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

Explanation

Merit.

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

Explanation

Merit

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

Explanation

Merit question.

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

Explanation

This is an excellence question.

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  • Mar 22, 2023
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  • Sep 28, 2011
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Depreciation on the $50,000 vehicle is based on it lasting 5 years...
Inventory of $15 000 is on hand as at 31 March 2010.
The purpose of an Income Statement is to show:
Balance Day Adjustment...
Balance Day Adjustment...
Balance Day Adjustment Rent of $250 has been received in advance.
Balance Day Adjustment Insurance of $600 has been paid in advance.
Balance Day Adjustment...
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