If, at the End of the Accounting Period, Non-Current Assets

question 38

Multiple Choice

If, at the end of the accounting period, non-current assets total $800 000 and depreciation is calculated based on 8% per annum straight line, depreciation expense would total:

• A)$64 000
• B)$46 000
• C)$800 000
• D)$10 000

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Definitions:

Federal Unemployment Taxes

Taxes imposed on employers to fund the federal government's oversight and support of state unemployment insurance programs.

Employer

An individual or organization that hires and pays for the services of employees in exchange for their labor.

General Journal Entry

A record in the accounting journal that represents a specific financial transaction, detailing the accounts affected and the amounts involved.

Payroll

The total amount of wages, salaries, bonuses, and deductions a business pays to its employees.