Accounting Chapter 15

Accounting Chapter 15

9th - 12th Grade

29 Qs

quiz-placeholder

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Accounting Chapter 15

Accounting Chapter 15

Assessment

Quiz

Specialty

9th - 12th Grade

Practice Problem

Medium

Created by

Tina Gummo

Used 204+ times

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29 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Annual straight-line depreciation expense of a plant asset is calculated as the original cost of the plant asset divided by the years of estimated useful life.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Estimated federal income tax must be paid in monthly installments.

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All accounts are listed on the unadjusted trial balance regardless of whether there is a balance or not.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Functional depreciation should be considered in estimating the useful life of computer equipment.

True
False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For a business using the periodic inventory method, purchases are recorded in the Merchandise Inventory account.

True
False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Income Summary account is one of the accounts used to adjust the Merchandise Inventory account at the end of the fiscal period.

True
False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The annual straight-line depreciation of equipment costing $7,000.00 with a salvage value of $1,000.00 and a useful life of 5 years would be $1,400.00.

True
False

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