← Ch.5 Vocab Test
4 Written Questions
4 Multiple Choice Questions
- An estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life.
- A balance sheet that lists assets on the left and liabilities and owner's equity on the right.
- That portion of an asset's original cost that has not yet been depreciated.
- Allocation of the cost of a long-term asset to operations during its expected useful life.
3 True/False Questions
Report Form Balance Sheet → A balance sheet that lists the asset accounts first, followed by liabilities and owner's equity.
Straight-line Depreciation → Allocation of an asset's cost in equal amounts to each accounting period of the asset's useful life.
Contra Asset Account → An asset account with a credit balance, which is contrary to the normal balance of an asset account.