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5 Written questions

5 Matching questions

  1. book value
  2. accumlated depreciation
  3. Accounts payable ledger
  4. controlling account
  5. plant assets
  1. a the difference between an asset's account balance and its related contra account balance
  2. b A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  3. c Assets that will be used for a number of years in the operation of a business
  4. d an account in a general ledger that summarizes all accounts in a subsidiary ledger
  5. e cumulative amount for all prior years depreciation expense; subtracted from plant and equipment

5 Multiple choice questions

  1. the original cost of a plant asset minus accumulated depreciation
  2. A listing of customer accounts, account balances, and total amount due from all customers.
  3. charging an equal amount of depreciation expense for a plant asset in each year of useful life
  4. action by a board of directors to distribute corporate earnings to stockholders
  5. the amount an owner expects to receive when a plant asset is removed from use

5 True/False questions

  1. Subsidiary ledgerA subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.

          

  2. retained earningsEarnings distributed to stockholders

          

  3. merchandise inventorya group of persons elected by the stockholders to manage a corporation

          

  4. board of directorscash and other assets expected to be exchanged for cash or consumed within a year

          

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