5 Written questions
5 Matching questions
- book value
- accumlated depreciation
- Accounts payable ledger
- controlling account
- plant assets
- a the difference between an asset's account balance and its related contra account balance
- b A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
- c Assets that will be used for a number of years in the operation of a business
- d an account in a general ledger that summarizes all accounts in a subsidiary ledger
- e cumulative amount for all prior years depreciation expense; subtracted from plant and equipment
5 Multiple choice questions
- the original cost of a plant asset minus accumulated depreciation
- A listing of customer accounts, account balances, and total amount due from all customers.
- charging an equal amount of depreciation expense for a plant asset in each year of useful life
- action by a board of directors to distribute corporate earnings to stockholders
- the amount an owner expects to receive when a plant asset is removed from use
5 True/False questions
Subsidiary ledger → A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
retained earnings → Earnings distributed to stockholders
merchandise inventory → a group of persons elected by the stockholders to manage a corporation
board of directors → cash and other assets expected to be exchanged for cash or consumed within a year
uncollectible accounts → an account in a general ledger that summarizes all accounts in a subsidiary ledger