5 Written questions
5 Matching questions
- accumlated depreciation
- schedule of accounts receivable
- book value
- Subsidiary ledger
- declaring a dividend
- a action by a board of directors to distribute corporate earnings to stockholders
- b cumulative amount for all prior years depreciation expense; subtracted from plant and equipment
- c a ledger that is summarized in a single general ledger account
- d the difference between an asset's account balance and its related contra account balance
- e A listing of customer accounts, account balances, and total amount due from all customers.
5 Multiple choice questions
- a subsidiary ledger containing only accounts for charge customers
- Earnings distributed to stockholders
- Crediting the estimated value of uncollectible accounts to a contra account
- the original cost of a plant asset minus accumulated depreciation
- the amount an owner expects to receive when a plant asset is removed from use
5 True/False questions
retained earnings → Assets that will be used for a number of years in the operation of a business
book value of accounts receivable → A listing of customer accounts, account balances, and total amount due from all customers.
uncollectible accounts → accounts receivable that cannot be collected
Accounts payable ledger → A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
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