← Ch.11/14 Test
5 Written Questions
5 Matching Questions
- schedule of accounts payable
- controlling account
- board of directors
- uncollectible accounts
- accumlated depreciation
- a a group of persons elected by the stockholders to manage a corporation
- b cumulative amount for all prior years depreciation expense; subtracted from plant and equipment
- c an account in a general ledger that summarizes all accounts in a subsidiary ledger
- d A listing of vendor accounts, account balances, and total amount due all vendors.
- e accounts receivable that cannot be collected
5 Multiple Choice Questions
- action by a board of directors to distribute corporate earnings to stockholders
- 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
- Assets that will be used for a number of years in the operation of a business
- the amount an owner expects to receive when a plant asset is removed from use
- A listing of customer accounts, account balances, and total amount due from all customers.
5 True/False Questions
allowance method of recording losses from uncollectible accounts → accounts receivable that cannot be collected
accounts receivable ledger → A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
book value of a plant asset → the original cost of a plant asset minus accumulated depreciation
merchandise inventory → the amount of goods on hand for sale to customers
Subsidiary ledger → A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.