Cost of the asset$100,000
Life of the asset 5 years
Depreciation rate20%
Capital cost allowance rate 50%
Residual value of the asset nil
Income tax rate 50%
-What activities does bookkeeping include?
A) Collecting, classifying and reporting transactions that take place in the business.
B) Recording business transactions in journals.
C) Collecting, classifying and reporting the activities that take place in the business.
D) Ensuring that all transactions are reported in accordance with accepted accounting principles.

Question

Cost of the asset$100,000 
Life of the asset 5 years 
Depreciation rate20% 
Capital cost allowance rate 50% 
Residual value of the asset nil 
Income tax rate 50%
-What activities does bookkeeping include?
A) Collecting, classifying and reporting transactions that take place in the business.
B) Recording business transactions in journals.
C) Collecting, classifying and reporting the activities that take place in the business.
D) Ensuring that all transactions are reported in accordance with accepted accounting principles.

Quizplus · Accepted Answer

Bookkeeping involves collecting, classifying, and reporting transactions that occur in a business.

Cost of the Asset$100,000