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5 Written questions

5 Matching questions

  1. book value of a plant asset
  2. Accounts payable ledger
  3. schedule of accounts receivable
  4. book value
  5. merchandise inventory
  1. a A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  2. b the amount of goods on hand for sale to customers
  3. c the difference between an asset's account balance and its related contra account balance
  4. d the original cost of a plant asset minus accumulated depreciation
  5. e A listing of customer accounts, account balances, and total amount due from all customers.

5 Multiple choice questions

  1. an amount earned by a corporation and not yet distributed to stockholders
  2. action by a board of directors to distribute corporate earnings to stockholders
  3. 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
  4. the amount an owner expects to receive when a plant asset is removed from use
  5. charging an equal amount of depreciation expense for a plant asset in each year of useful life

5 True/False questions

  1. allowance method of recording losses from uncollectible accountsaccounts receivable that cannot be collected

          

  2. current assetsAssets that will be used for a number of years in the operation of a business

          

  3. schedule of accounts payableA listing of customer accounts, account balances, and total amount due from all customers.

          

  4. book value of accounts receivableA listing of customer accounts, account balances, and total amount due from all customers.

          

  5. controlling accountan account in a general ledger that summarizes all accounts in a subsidiary ledger

          

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