5 Written questions
5 Matching questions
- estimated salvage value
- schedule of accounts payable
- merchandise inventory
- Subsidiary ledger
- a the amount of goods on hand for sale to customers
- b A listing of vendor accounts, account balances, and total amount due all vendors.
- c a ledger that is summarized in a single general ledger account
- d the amount an owner expects to receive when a plant asset is removed from use
- e Earnings distributed to stockholders
5 Multiple choice questions
- 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
- an amount earned by a corporation and not yet distributed to stockholders
- an account in a general ledger that summarizes all accounts in a subsidiary ledger
- charging an equal amount of depreciation expense for a plant asset in each year of useful life
- the original cost of a plant asset minus accumulated depreciation
5 True/False questions
uncollectible accounts → an account in a general ledger that summarizes all accounts in a subsidiary ledger
book value of accounts receivable → A listing of customer accounts, account balances, and total amount due from all customers.
accumlated depreciation → cumulative amount for all prior years depreciation expense; subtracted from plant and equipment
Accounts payable ledger → A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
plant assets → Assets that will be used for a number of years in the operation of a business