5 Written questions
5 Matching questions
- book value of a plant asset
- Accounts payable ledger
- schedule of accounts receivable
- book value
- merchandise inventory
- a A subsidiary ledger containing only accounts for vendors from whom items are purchased or bought on account.
- b the amount of goods on hand for sale to customers
- c the difference between an asset's account balance and its related contra account balance
- d the original cost of a plant asset minus accumulated depreciation
- e A listing of customer accounts, account balances, and total amount due from all customers.
5 Multiple choice questions
- an amount earned by a corporation and not yet distributed to stockholders
- action by a board of directors to distribute corporate earnings to stockholders
- 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 amount an owner expects to receive when a plant asset is removed from use
- charging an equal amount of depreciation expense for a plant asset in each year of useful life
5 True/False questions
allowance method of recording losses from uncollectible accounts → accounts receivable that cannot be collected
current assets → Assets that will be used for a number of years in the operation of a business
schedule of accounts payable → A listing of customer accounts, account balances, and total amount due from all customers.
book value of accounts receivable → A listing of customer accounts, account balances, and total amount due from all customers.
controlling account → an account in a general ledger that summarizes all accounts in a subsidiary ledger