Multiple Choice
Match the terms with the definitions.
-An account with a credit balance that is deducted from the related asset account on the balance 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
Correct Answer:

Verified
Correct Answer:
Verified
Q22: An account used with a related account
Q23: If the debits in the Income Statement
Q24: Match the terms with the definitions.<br>-A form
Q25: If the book value of an asset
Q26: The balance sheet reports<br>A) liabilities.<br>B) revenue.<br>C) expenses.<br>D)
Q28: When an account balance is not affected
Q29: Journalize the necessary year-end adjusting entries
Q30: A contra-asset appears on the income statement.
Q31: The depreciation system used by many businesses
Q32: Under the cash basis of accounting,a certain