5 Written questions
5 Matching questions
- current assets
- retained earnings
- Subsidiary ledger
- plant assets
- estimated salvage value
- a cash and other assets expected to be exchanged for cash or consumed within a year
- b a ledger that is summarized in a single general ledger account
- c Assets that will be used for a number of years in the operation of a business
- d the amount an owner expects to receive when a plant asset is removed from use
- e an amount earned by a corporation and not yet distributed to stockholders
5 Multiple choice questions
- A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
- 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
- the difference between an asset's account balance and its related contra account balance
- A listing of vendor accounts, account balances, and total amount due all vendors.
- a subsidiary ledger containing only accounts for charge customers
5 True/False questions
declaring a dividend → action by a board of directors to distribute corporate earnings to stockholders
allowance method of recording losses from uncollectible accounts → accounts receivable that cannot be collected
schedule of accounts receivable → A listing of customer accounts, account balances, and total amount due from all customers.
board of directors → cash and other assets expected to be exchanged for cash or consumed within a year
uncollectible accounts → accounts receivable that cannot be collected