5 Written questions
5 Matching questions
- retained earnings
- estimated salvage value
- board of directors
- schedule of accounts receivable
- a an amount earned by a corporation and not yet distributed to stockholders
- b the amount an owner expects to receive when a plant asset is removed from use
- c a group of persons elected by the stockholders to manage a corporation
- d Earnings distributed to stockholders
- e A listing of customer accounts, account balances, and total amount due from all customers.
5 Multiple choice questions
- Crediting the estimated value of uncollectible accounts to a contra account
- Assets that will be used for a number of years in the operation of a business
- the difference between an asset's account balance and its related contra account balance
- an account in a general ledger that summarizes all accounts in a subsidiary ledger
- the amount of goods on hand for sale to customers
5 True/False questions
accounts receivable ledger → a subsidiary ledger containing only accounts for charge customers
book value of a plant asset → the difference between the balance of accounts receivable and its contra account, allowance for uncollectible accounts
book value of accounts receivable → A listing of customer accounts, account balances, and total amount due from all customers.
depreciation expense → 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
Subsidiary ledger → A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.