Loose Tools – Knowsia

FA – Nov 2013 – L1 – SA – Q14 – Accounting Concepts

Identifying the best depreciation method for loose tools.

Question

The best method to provide for depreciation on loose tools used in manufacturing businesses is the:

A. Reducing balance method
B. Straight line method
C. Sum of years digits
D. Revaluation method
E. Equal instalment method

Answer

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Tags: Accounting Methods, Depreciation, Loose Tools

Topic: Accounting Concepts
Series: NOV 2013

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

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

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

FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

Question

A loose tools record in the books of MYE Enterprises revealed the following:

Revaluation 1 January, 2013: N200,000
Revaluation 31 December, 2013: N250,000
Depreciation 31 December, 2013: N100,000

What is the value of loose tools acquired during the year?

A. N50,000
B. N60,000
C. N100,000
D. N120,000
E. N150,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acquisition, Depreciation, Loose Tools
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2014

FA – Nov 2013 – L1 – SA – Q14 – Accounting Concepts

Identifying the best depreciation method for loose tools.

Question

The best method to provide for depreciation on loose tools used in manufacturing businesses is the:

A. Reducing balance method
B. Straight line method
C. Sum of years digits
D. Revaluation method
E. Equal instalment method

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Methods, Depreciation, Loose Tools

Topic: Accounting Concepts
Series: NOV 2013

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 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

Question

A loose tools record in the books of MYE Enterprises revealed the following:

Revaluation 1 January, 2013: N200,000
Revaluation 31 December, 2013: N250,000
Depreciation 31 December, 2013: N100,000

What is the value of loose tools acquired during the year?

A. N50,000
B. N60,000
C. N100,000
D. N120,000
E. N150,000

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acquisition, Depreciation, Loose Tools
Level: Level 1

Topic: Recording Financial Transactions
Series: NOV 2014

Question Tag: Loose Tools

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FA – Nov 2013 – L1 – SA – Q14 – Accounting Concepts

Identifying the best depreciation method for loose tools.

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 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

FA – Nov 2013 – L1 – SA – Q14 – Accounting Concepts

Identifying the best depreciation method for loose tools.

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 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

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FA – Nov 2013 – L1 – SA – Q14 – Accounting Concepts

Identifying the best depreciation method for loose tools.

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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 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

You're reporting an error for "FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions"

FA – Nov 2013 – L1 – SA – Q14 – Accounting Concepts

Identifying the best depreciation method for loose tools.

You're reporting an error for "FA – Nov 2013 – L1 – SA – Q14 – Accounting Concepts"

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 2014 – L1 – SA – Q10 – Recording Financial Transactions

Calculating the value of loose tools acquired during the year.

You're reporting an error for "FA – Nov 2014 – L1 – SA – Q10 – Recording Financial Transactions"

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