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of 22 available terms

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5 Written Questions

5 Matching Questions

  1. retained earnings
  2. board of directors
  3. controlling account
  4. accumlated depreciation
  5. book value of a plant asset
  1. a the original cost of a plant asset minus accumulated depreciation
  2. b a group of persons elected by the stockholders to manage a corporation
  3. c cumulative amount for all prior years depreciation expense; subtracted from plant and equipment
  4. d an account in a general ledger that summarizes all accounts in a subsidiary ledger
  5. e an amount earned by a corporation and not yet distributed to stockholders

5 Multiple Choice Questions

  1. Earnings distributed to stockholders
  2. the difference between an asset's account balance and its related contra account balance
  3. A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  4. cash and other assets expected to be exchanged for cash or consumed within a year
  5. charging an equal amount of depreciation expense for a plant asset in each year of useful life

5 True/False Questions

  1. estimated salvage valuethe difference between an asset's account balance and its related contra account balance

          

  2. depreciation expensecash and other assets expected to be exchanged for cash or consumed within a year

          

  3. allowance method of recording losses from uncollectible accountsaccounts receivable that cannot be collected

          

  4. merchandise inventorya group of persons elected by the stockholders to manage a corporation

          

  5. book value of accounts receivablethe difference between the balance of accounts receivable and its contra account, allowance for uncollectible accounts

          

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