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5 Written Questions

5 Matching Questions

  1. book value of a plant asset
  2. plant assets
  3. retained earnings
  4. board of directors
  5. depreciation expense
  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 an amount earned by a corporation and not yet distributed to stockholders
  3. c a group of persons elected by the stockholders to manage a corporation
  4. d the original cost of a plant asset minus accumulated depreciation
  5. e Assets that will be used for a number of years in the operation of a business

5 Multiple Choice Questions

  1. cumulative amount for all prior years depreciation expense; subtracted from plant and equipment
  2. a subsidiary ledger containing only accounts for charge customers
  3. A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  4. charging an equal amount of depreciation expense for a plant asset in each year of useful life
  5. A listing of customer accounts, account balances, and total amount due from all customers.

5 True/False Questions

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

          

  2. current assetsAssets that will be used for a number of years in the operation of a business

          

  3. estimated salvage valuecumulative amount for all prior years depreciation expense; subtracted from plant and equipment

          

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

          

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

          

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