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5 Written questions

5 Matching questions

  1. estimated salvage value
  2. schedule of accounts payable
  3. merchandise inventory
  4. Subsidiary ledger
  5. dividends
  1. a the amount of goods on hand for sale to customers
  2. b A listing of vendor accounts, account balances, and total amount due all vendors.
  3. c a ledger that is summarized in a single general ledger account
  4. d the amount an owner expects to receive when a plant asset is removed from use
  5. e Earnings distributed to stockholders

5 Multiple choice questions

  1. 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. an amount earned by a corporation and not yet distributed to stockholders
  3. an account in a general ledger that summarizes all accounts in a subsidiary ledger
  4. charging an equal amount of depreciation expense for a plant asset in each year of useful life
  5. the original cost of a plant asset minus accumulated depreciation

5 True/False questions

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

          

  2. book value of accounts receivableA listing of customer accounts, account balances, and total amount due from all customers.

          

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

          

  4. Accounts payable ledgerA subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.

          

  5. plant assetsAssets that will be used for a number of years in the operation of a business