Depreciation - checkpoint 1

The allocation of the cost price of an asset over its useful life is called

The asset register is a collection of details about individual assets.

Insurance is an example of

Amortisation is the gradual writing off of the cost of intangible assets.

$14,609 represents the amount the asset could be sold for.

The following entry is the balance day adjustment for depreciation.

This formula is used for what method of depreciation?

Depreciation on delivery vehicle would be

Which of the following figures represents the historical cost of the equipment?

This is an accurate representation of the property, plant and equipment

Depreciation is purely book entries - no cash changes hands.

An asset used by the business to generate revenue and kept for longer than one accounting period is

If purchase price is $55,000 (inc GST) and installation is $6,600 (inc GST) what is the total cost used in the formula

Fitting a new motor to a vehicle is

GST should be included in the depreciation calculation

What is the depreciation to be charged at 30 June 2020?

Expenditure paid to transport an asset into location and ready for use is

Expenditure to maintain an asset in an efficient working condition is other expenditure

What account would insurance, depreciation and sales salaries be closed to?

$14,609 represents the written down cost or carrying amount of the asset