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Year 11 Exam  >  Year 11 Tests  >  Test: Accounting Procedures - Year 11 MCQ

Test: Accounting Procedures - Year 11 MCQ


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10 Questions MCQ Test - Test: Accounting Procedures

Test: Accounting Procedures for Year 11 2024 is part of Year 11 preparation. The Test: Accounting Procedures questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Accounting Procedures MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Accounting Procedures below.
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Test: Accounting Procedures - Question 1
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What is the primary purpose of depreciation in accounting?

Detailed Solution for Test: Accounting Procedures - Question 1
Depreciation is used to allocate the cost of non-current assets over their useful lives, matching the expense with the revenue they generate, thereby spreading the cost over time.
Test: Accounting Procedures - Question 2
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Which of the following is classified as a capital receipt?

Detailed Solution for Test: Accounting Procedures - Question 2
Capital receipts include proceeds from the sale of non-current assets, which are not part of the day-to-day operations but affect the asset base of the business.
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Test: Accounting Procedures - Question 3
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Why is it important for businesses to distinguish between capital and revenue expenditure?

Detailed Solution for Test: Accounting Procedures - Question 3
Distinguishing between capital and revenue expenditure ensures that the profit reported in the income statement is accurate by matching expenses with revenues in the appropriate accounting periods.
Test: Accounting Procedures - Question 4
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Which type of expenditure would include legal fees associated with acquiring a non-current asset?
Detailed Solution for Test: Accounting Procedures - Question 4
Legal fees related to acquiring a non-current asset are part of capital expenditure, as they contribute to the cost of acquiring the asset.
Test: Accounting Procedures - Question 5
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When is a provision for doubtful debts created in accounting?
Detailed Solution for Test: Accounting Procedures - Question 5
A provision for doubtful debts is created when there is an expectation that some debts may not be fully collected, based on past experiences and estimations.
Test: Accounting Procedures - Question 6
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What is the purpose of the provision for doubtful debts?
Detailed Solution for Test: Accounting Procedures - Question 6
The provision for doubtful debts is set aside to cover potential losses that may arise from uncollectible debts, ensuring a more conservative estimation of a business's assets.
Test: Accounting Procedures - Question 7
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Under what circumstances would an asset be depreciated?
Detailed Solution for Test: Accounting Procedures - Question 7
Assets are depreciated to allocate their costs over their useful lives, reflecting their gradual loss in value due to usage, wear and tear, or obsolescence.
Test: Accounting Procedures - Question 8
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Which financial statement includes accumulated depreciation?
Detailed Solution for Test: Accounting Procedures - Question 8
Accumulated depreciation is deducted from the cost of non-current assets in the Statement of Financial Position to show their net book value.
Test: Accounting Procedures - Question 9
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What is the key reason for adjusting the income statement for accrued expenses?
Detailed Solution for Test: Accounting Procedures - Question 9
Accrued expenses are adjusted in the income statement to ensure that expenses are matched with the revenues they help generate, reflecting the accurate financial performance of the business.
Test: Accounting Procedures - Question 10
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How does the sale of a non-current asset impact the accounting equation?
Detailed Solution for Test: Accounting Procedures - Question 10
Selling a non-current asset reduces the asset base of the business, affecting the balance between assets and liabilities in the accounting equation.
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