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5 Written questions

5 Matching questions

  1. straight-line method of depreciation
  2. estimated salvage value
  3. book value of a plant asset
  4. allowance method of recording losses from uncollectible accounts
  5. board of directors
  1. a the amount an owner expects to receive when a plant asset is removed from use
  2. b charging an equal amount of depreciation expense for a plant asset in each year of useful life
  3. c the original cost of a plant asset minus accumulated depreciation
  4. d a group of persons elected by the stockholders to manage a corporation
  5. e Crediting the estimated value of uncollectible accounts to a contra account

5 Multiple choice questions

  1. the amount of goods on hand for sale to customers
  2. the difference between the balance of accounts receivable and its contra account, allowance for uncollectible accounts
  3. an account in a general ledger that summarizes all accounts in a subsidiary ledger
  4. Earnings distributed to stockholders
  5. cumulative amount for all prior years depreciation expense; subtracted from plant and equipment

5 True/False questions

  1. plant assetscash and other assets expected to be exchanged for cash or consumed within a year


  2. Subsidiary ledgera ledger that is summarized in a single general ledger account


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


  4. declaring a dividendEarnings distributed to stockholders


  5. book valueAssets that will be used for a number of years in the operation of a business


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