5 Written questions
5 Matching questions
- declaring a dividend
- uncollectible accounts
- depreciation expense
- Accounts payable ledger
- straight-line method of depreciation
- a charging an equal amount of depreciation expense for a plant asset in each year of useful life
- b A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
- c the portion of a plant asset's cost that is transferred to an expense account in each fiscal period during a plant asset's useful life
- d action by a board of directors to distribute corporate earnings to stockholders
- e accounts receivable that cannot be collected
5 Multiple choice questions
- Earnings distributed to stockholders
- A listing of customer accounts, account balances, and total amount due from all customers.
- Crediting the estimated value of uncollectible accounts to a contra account
- A listing of vendor accounts, account balances, and total amount due all vendors.
- the amount of goods on hand for sale to customers
5 True/False questions
board of directors → cash and other assets expected to be exchanged for cash or consumed within a year
plant assets → Assets that will be used for a number of years in the operation of a business
controlling account → accounts receivable that cannot be collected
book value of a plant asset → the difference between the balance of accounts receivable and its contra account, allowance for uncollectible accounts
accumlated depreciation → cumulative amount for all prior years depreciation expense; subtracted from plant and equipment