Accounting Practices – NBC Institute

FA – Nov 2015 – L1 – SA – Q11 – Depreciation Methods and Accounting for Disposals

This question identifies the appropriate method for depreciating loose tools in a business entity.

Question

In accordance with normal accounting practice, the appropriate method for depreciating Loose Tools in the books of a business entity is:
A. Sum of the years digit method
B. Reducing balance method
C. Straight line method
D. Revaluation method
E. Annuity method

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Practices, Depreciation, Loose Tools
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: NOV 2015

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

Question

The basic features of the single entry system of accounting are that
A. Books of accounts are not maintained and business relies only on the bank statement
B. The journal records are absent and only the main ledger is kept
C. There are incomplete classifications and recording of accounting procedures
D. Only credit sales transactions and credit purchases are recorded
E. Only debit entries are made

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Practices, Financial Records, Single entry system
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2022

FA – Nov 2023 – L1 – SA – Q13 – Accounting from Incomplete Records

Define incomplete records in accounting.

Question

Which of the following best describes incomplete records in accounting?

A. Incomplete records occur when a company has lost important financial documents and cannot reconstruct them
B. Incomplete records are accounting records that contain errors and discrepancies, leading to inaccurate financial statements
C. Incomplete records are financial records where information is missing due to a lack of double entry book-keeping system and up-to-date accounting practices
D. Incomplete records occur when a company’s financial statements do not include all the required disclosures and notes
E. Incomplete records are financial statements that have not been audited by an external auditor, leading to potential inaccuracies

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Practices, Financial Statements, Incomplete Records
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2023

FA – Nov 2015 – L1 – SA – Q11 – Depreciation Methods and Accounting for Disposals

This question identifies the appropriate method for depreciating loose tools in a business entity.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Practices, Depreciation, Loose Tools
Level: Level 1

Topic: Depreciation Methods and Accounting for Disposals
Series: NOV 2015

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Practices, Financial Records, Single entry system
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2022

FA – Nov 2023 – L1 – SA – Q13 – Accounting from Incomplete Records

Define incomplete records in accounting.

Question

Which of the following best describes incomplete records in accounting?

A. Incomplete records occur when a company has lost important financial documents and cannot reconstruct them
B. Incomplete records are accounting records that contain errors and discrepancies, leading to inaccurate financial statements
C. Incomplete records are financial records where information is missing due to a lack of double entry book-keeping system and up-to-date accounting practices
D. Incomplete records occur when a company’s financial statements do not include all the required disclosures and notes
E. Incomplete records are financial statements that have not been audited by an external auditor, leading to potential inaccuracies

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Practices, Financial Statements, Incomplete Records
Level: Level 1

Topic: Accounting from Incomplete Records
Series: NOV 2023

Question Tag: Accounting Practices

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FA – Nov 2015 – L1 – SA – Q11 – Depreciation Methods and Accounting for Disposals

This question identifies the appropriate method for depreciating loose tools in a business entity.

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

FA – Nov 2023 – L1 – SA – Q13 – Accounting from Incomplete Records

Define incomplete records in accounting.

FA – Nov 2015 – L1 – SA – Q11 – Depreciation Methods and Accounting for Disposals

This question identifies the appropriate method for depreciating loose tools in a business entity.

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

FA – Nov 2023 – L1 – SA – Q13 – Accounting from Incomplete Records

Define incomplete records in accounting.

Our offerings

Contact Info

Customer

Get In Touch

Question Tag: Accounting Practices

Filter by Professional Bodies

Filter by Subject

Filter by Series

Filter by Topics

Filter by Levels

FA – Nov 2015 – L1 – SA – Q11 – Depreciation Methods and Accounting for Disposals

This question identifies the appropriate method for depreciating loose tools in a business entity.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q11 – Depreciation Methods and Accounting for Disposals"

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts"

FA – Nov 2023 – L1 – SA – Q13 – Accounting from Incomplete Records

Define incomplete records in accounting.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q13 – Accounting from Incomplete Records"

FA – Nov 2015 – L1 – SA – Q11 – Depreciation Methods and Accounting for Disposals

This question identifies the appropriate method for depreciating loose tools in a business entity.

You're reporting an error for "FA – Nov 2015 – L1 – SA – Q11 – Depreciation Methods and Accounting for Disposals"

FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts

Identify the basic feature of the single entry system of accounting.

You're reporting an error for "FA – Nov 2022 – L1 – SA – Q16 – Accounting Concepts"

FA – Nov 2023 – L1 – SA – Q13 – Accounting from Incomplete Records

Define incomplete records in accounting.

You're reporting an error for "FA – Nov 2023 – L1 – SA – Q13 – Accounting from Incomplete Records"

Our offerings

Contact Info

Customer

Get In Touch

admin