
Accounting Chapter 15
Quiz
•
Life Skills
•
9th - 12th Grade
•
Medium
Kim Munk
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43 questions
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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.
2.
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.
3.
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.
4.
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.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The value of the insurance coverage used is recorded as a debit to Insurance Expense.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The value of the insurance coverage used is recorded as a debit to Insurance Expense.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The book value of a plant asset is its original cost minus accumulated depreciation.
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