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5 Written questions

5 Matching questions

  1. allowance method of recording losses from uncollectible accounts
  2. straight-line method of depreciation
  3. Accounts payable ledger
  4. uncollectible accounts
  5. book value of a plant asset
  1. a Crediting the estimated value of uncollectible accounts to a contra account
  2. b accounts receivable that cannot be collected
  3. c charging an equal amount of depreciation expense for a plant asset in each year of useful life
  4. d A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
  5. e the original cost of a plant asset minus accumulated depreciation

5 Multiple choice questions

  1. a ledger that is summarized in a single general ledger account
  2. the amount of goods on hand for sale to customers
  3. cash and other assets expected to be exchanged for cash or consumed within a year
  4. Assets that will be used for a number of years in the operation of a business
  5. Earnings distributed to stockholders

5 True/False questions

  1. accumlated depreciationan amount earned by a corporation and not yet distributed to stockholders

          

  2. book value of accounts receivablethe difference between the balance of accounts receivable and its contra account, allowance for uncollectible accounts

          

  3. estimated salvage valuethe amount an owner expects to receive when a plant asset is removed from use

          

  4. declaring a dividendaction by a board of directors to distribute corporate earnings to stockholders

          

  5. board of directorsa group of persons elected by the stockholders to manage a corporation