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5 Written questions

5 Matching questions

  1. plant assets
  2. accounts receivable ledger
  3. depreciation expense
  4. allowance method of recording losses from uncollectible accounts
  5. Accounts payable ledger
  1. a 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
  2. b a subsidiary ledger containing only accounts for charge customers
  3. c A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  4. d Assets that will be used for a number of years in the operation of a business
  5. e Crediting the estimated value of uncollectible accounts to a contra account

5 Multiple choice questions

  1. a group of persons elected by the stockholders to manage a corporation
  2. the amount an owner expects to receive when a plant asset is removed from use
  3. the difference between the balance of accounts receivable and its contra account, allowance for uncollectible accounts
  4. the amount of goods on hand for sale to customers
  5. the difference between an asset's account balance and its related contra account balance

5 True/False questions

  1. declaring a dividendEarnings distributed to stockholders


  2. accumlated depreciationcumulative amount for all prior years depreciation expense; subtracted from plant and equipment


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


  4. schedule of accounts receivableA listing of vendor accounts, account balances, and total amount due all vendors.


  5. straight-line method of depreciationcharging an equal amount of depreciation expense for a plant asset in each year of useful life


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