Unit 1 Post test: Payables and Receivables
Flashcard
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Other
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9th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
A company purchases a piece of equipment for $50,000. The company estimates a useful life of 10 years and a salvage value of $5,000. Using straight-line depreciation, what is the depreciation expense each year?
Back
$5,000
2.
FLASHCARD QUESTION
Front
Accumulated depreciation is recorded on the balance sheet as ____.
Back
a reduction to the corresponding asset
3.
FLASHCARD QUESTION
Front
A company sells machinery for a gain. What impact does this have on the company's net income on the income statement?
Back
It is increased by the sale amount.
4.
FLASHCARD QUESTION
Front
In the balance sheet, assets are listed by ____.
Back
the order of liquidity
5.
FLASHCARD QUESTION
Front
When is the revenue earned by a company for the sale of goods recognized and recorded?
Back
when the sale is made
6.
FLASHCARD QUESTION
Front
Why could increasing sales through zero percent credit for new purchases be a problem for a company? Options: The new customers may not want the products they purchased. They may not have enough cash flow to replenish their inventory. The new customers may tell their friends about the great credit offer. The company's statement of cash flows could appear misleading.
Back
They may not have enough cash flow to replenish their inventory.
7.
FLASHCARD QUESTION
Front
How is a $300 on account sale recorded in the Accounts Receivable subsidiary ledger?
Back
as a $300 debit
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