Question 1

Depreciation expense is recorded for a specific period of time.

Accepted Answer

A) True 
 B)False

Question 2

The ____________________ is a method of accounting that combines aspects of the cash and accrual methods.It uses the cash basis for recording revenues and most expenses.Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

Accepted Answer

The answer of The ____________________ is a method of accounting...

Question 3

A contra-asset is deducted from the related asset on the balance sheet.

Accepted Answer

A) True 
 B)False

Question 4

The original cost of an asset less the trade-in or salvage value of an asset equals the depreciable cost of that asset.

Accepted Answer

A) True 
 B)False

Question 5

To record wages earned but not paid under the modified cash accounting method,

Accepted Answer

A)  debit Wages Payable and credit Wages Expense. 
B)  debit Cash and credit Wages Expense. 
C)  debit Wages Expense and credit Wages Payable. 
D)  no entry is required. 
A)  debit Wages Payable and credit Wages Expense. 
B)  debit Cash and credit Wages Expense. 
C)  debit Wages Expense and credit Wages Payable. 
D)  no entry is required.

Question 6

Match the terms with the definitions.
-Journal entries made at the end of the accounting period to reflect changes in account balances that are not the direct result of an exchange with an outside party.

Accepted Answer

A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet 
A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet

Question 7

Match the terms with the definitions.
-A depreciation method in which the depreciable cost is divided by the estimated useful life.

Accepted Answer

A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet 
A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet

Question 8

A computer workstation cost $35,000,has an expected life of 7 years,and an expected salvage value of $7,000.Depreciation expense using the straight-line method will be $5,000 per year.

Accepted Answer

A) True 
 B)False

Question 9

Match the terms with the definitions.
-Assets of a durable nature that will be used for operations over several years.

Accepted Answer

A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet 
A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet

Question 10

The fifth pair of columns on a 10-column work sheet prepared at the end of the period would be the

Accepted Answer

A)  Income Statement columns. 
B)  Adjustments columns. 
C)  Balance Sheet columns. 
D)  Adjusted Trial Balance columns. 
A)  Income Statement columns. 
B)  Adjustments columns. 
C)  Balance Sheet columns. 
D)  Adjusted Trial Balance columns.

Question 11

Match the terms with the definitions.
-A method of matching an asset's original cost against the revenues produced over its useful life.

Accepted Answer

A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet 
A) Adjusted Trial Balance columns 
B) Adjusting entries 
C) Balance Sheet columns 
D) book value 
E) contra-asset
F)depreciable cost
G)depreciation
H)fiscal year
I)historical cost principle
J)Income Statement columns
K)market value
L)matching principle
M)plant assets
N)salvage value
O)straight-line method
P)undepreciated cost
Q)useful life
R)work sheet

Question 12

Depreciable cost is the amount of depreciation expense recorded for each accounting period.

Accepted Answer

A) True 
 B)False

Question 13

If the total credits exceed total debits in the Income Statement columns of the work sheet,the business has had net income.

Accepted Answer

A) True 
 B)False

Depreciation expense is recorded for a specific period of time.

The ____________________ is a method of accounting that combines aspects of the cash and accrual methods.It uses the cash basis for recording revenues and most expenses.Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

A contra-asset is deducted from the related asset on the balance sheet.

The original cost of an asset less the trade-in or salvage value of an asset equals the depreciable cost of that asset.

To record wages earned but not paid under the modified cash accounting method,

Match the terms with the definitions. -Journal entries made at the end of the accounting period to reflect changes in account balances that are not the direct result of an exchange with an outside party.

Match the terms with the definitions. -A depreciation method in which the depreciable cost is divided by the estimated useful life.

A computer workstation cost $35,000,has an expected life of 7 years,and an expected salvage value of $7,000.Depreciation expense using the straight-line method will be $5,000 per year.

Match the terms with the definitions. -Assets of a durable nature that will be used for operations over several years.

The fifth pair of columns on a 10-column work sheet prepared at the end of the period would be the

Match the terms with the definitions. -A method of matching an asset's original cost against the revenues produced over its useful life.

Depreciable cost is the amount of depreciation expense recorded for each accounting period.

If the total credits exceed total debits in the Income Statement columns of the work sheet,the business has had net income.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters

Exam 5: Adjusting Entries and the Work Sheet

Depreciation expense is recorded for a specific period of time.

The ____________________ is a method of accounting that combines aspects of the cash and accrual methods.It uses the cash basis for recording revenues and most expenses.Exceptions are made when cash is paid for assets with useful lives greater than one accounting period.

A contra-asset is deducted from the related asset on the balance sheet.

The original cost of an asset less the trade-in or salvage value of an asset equals the depreciable cost of that asset.

To record wages earned but not paid under the modified cash accounting method,

Match the terms with the definitions. -Journal entries made at the end of the accounting period to reflect changes in account balances that are not the direct result of an exchange with an outside party.

Match the terms with the definitions. -A depreciation method in which the depreciable cost is divided by the estimated useful life.

A computer workstation cost $35,000,has an expected life of 7 years,and an expected salvage value of $7,000.Depreciation expense using the straight-line method will be $5,000 per year.

Match the terms with the definitions. -Assets of a durable nature that will be used for operations over several years.

The fifth pair of columns on a 10-column work sheet prepared at the end of the period would be the

Match the terms with the definitions. -A method of matching an asset's original cost against the revenues produced over its useful life.

Depreciable cost is the amount of depreciation expense recorded for each accounting period.

If the total credits exceed total debits in the Income Statement columns of the work sheet,the business has had net income.

Introduction to Accounting

Analyzing Transactions: the Accounting Equation

The Double-Entry Framework

Journalizing and Posting Transactions

Financial Statements and the Closing Process

Accounting for Cash

Payroll Accounting: Employee Earnings and Deductions

Payroll Accounting: Employer Taxes and Reports

Module Accounting For A Professional Service Business The Combination Journal

Filters