1 If an accumulated provision for depreciation account is in use then the entries for the year’s depreciation would be (A) Credit provision for depreciation account, debit profit and loss account (B)...

1

If an accumulated provision for depreciation account is in use then the entries for the

year’s depreciation would be

(A) Credit provision for depreciation account, debit profit and loss account

(B) Debit asset account, credit profit and loss account

(C) Credit asset account, debit provision for depreciation account

(D) Credit profit and loss account, debit provision for depreciation account.

2

When the financial statements are prepared, the bad debts account is closed by a transfer

to the

(A) Balance sheet

(B) Profit and loss account

(C) Trading account

(D) Provision for doubtful debts account.