FAC1502 ACTUAL TEST PAPER FULL QUESTIONS AND ACCURATE ANSWERS GRADED APLUS

FAC1502 ACTUAL TEST PAPER FULL
QUESTIONS AND ACCURATE ANSWERS
GRADED APLUS

●● current assets
Answer: cash and other assets expected to be exchanged for cash or
consumed within a year


●● Current Liabilities
Answer: Obligations due within one year.


●● Non-current liabilities
Answer: Long-term debts owed by the business


●● Debtors Account
Answer: Account tracking amounts owed by customers.


●● residual value
Answer: the expected value of a depreciable asset at the end of its useful
life


●● straight-line method

, Answer: Allocates an equal amount of depreciation to each year of the
asset's service life


●● Diminishing balance method
Answer: Depreciation method reducing asset value annually.


●● production-unit method of depreciation
Answer: Annual depreciation expense based on the amount of
production expected from a plant asset


●● Depreciation Schedule
Answer: the record detailing the amounts and timing of depreciation for
all fixed asset categories except land and any construction-in-progress
accounts


●● machinery (at cost)
Answer: debit + / credit -


●● depreciation (machinery)
Answer: debit + / credit -


●● accumulated depreciation: machinery
Answer: credit + / debit (balance c/d)