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5 Written Questions

5 Matching Questions

  1. depreciation expense
  2. straight-line method of depreciation
  3. accounts receivable ledger
  4. book value of accounts receivable
  5. retained earnings
  1. a a subsidiary ledger containing only accounts for charge customers
  2. b 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
  3. c charging an equal amount of depreciation expense for a plant asset in each year of useful life
  4. d an amount earned by a corporation and not yet distributed to stockholders
  5. e the difference between the balance of accounts receivable and its contra account, allowance for uncollectible accounts

5 Multiple Choice Questions

  1. Assets that will be used for a number of years in the operation of a business
  2. A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  3. the original cost of a plant asset minus accumulated depreciation
  4. the difference between an asset's account balance and its related contra account balance
  5. A listing of vendor accounts, account balances, and total amount due all vendors.

5 True/False Questions

  1. uncollectible accountsan account in a general ledger that summarizes all accounts in a subsidiary ledger

          

  2. allowance method of recording losses from uncollectible accountsCrediting the estimated value of uncollectible accounts to a contra account

          

  3. board of directorscash and other assets expected to be exchanged for cash or consumed within a year

          

  4. merchandise inventorythe amount of goods on hand for sale to customers

          

  5. dividendsthe difference between an asset's account balance and its related contra account balance

          

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