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Course 17140
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45. Installation cost is N$34,500 (VAT inclusive). Input VAT is:
0%
100%
0%
0%
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44. An asset is sold for N$400,000 (VAT inclusive). Proceeds excluding VAT are:
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0%
100%
0%
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43. If residual value increases (all else unchanged), depreciation expense will:
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100%
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0%
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42. Depreciation is accounted for:
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0%
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100%
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41. When an asset is sold (taxable supply), VAT is recorded as:
0%
0%
0%
100%
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40. Equipment has an opening accumulated depreciation of N$200,000. Sold equipment accumulated depreciation is N$120,000. Depreciation for the year is N$60,000. Calculate the closing accumulated depreciation:
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100%
0%
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4. How should a company account for a significant repair that extends the useful life of an asset?
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100%
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0%
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39. Opening equipment cost N$500,000. Sold equipment cost N$150,000. Bought new equipment (VAT inclusive N$230,000; VAT registered). What is the closing cost of all the equipment?
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0%
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38. Old equipment: cost N$150,000; accumulated depreciation N$120,000; sold for N$50,000 (VAT exclusive). What is the profit/loss on the sale of the equipment?
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100%
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0%
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37. Equipment: opening cost N$500,000. New equipment purchased 1 July for N$230,000 (VAT inclusive). Depreciation is 10% p.a. on cost. Depreciation for the year is:
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0%
0%
100%
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