
Week 5
Quiz
•
Other
•
Professional Development
•
Practice Problem
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Hard
Nicole Chuchmach
Used 2+ times
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9 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Depreciation is a method of allocating the cost of a long lived asset to an expense over the life of the asset.
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Straight-line depreciation allocates the cost of a long-lived asset in equal units of time over the life of the asset.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The debit side of a ledger account is always the left column. It is used to post debit values of a transaction.
True
False
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A sales revenue account is debit balanced.
True
False
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A five-year depreciable asset cost $10,000 and had a residual value of $1,000. What is the balance of its accumulated depreciation account at the end of two years using straight-line depreciation?
$6,000
$4,000
$5,400
$3,600
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The inflow of assets as a result of business operations occurs from the sale of goods and services
True
False
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The outflow of assets as a result of business operations are called:
Sales Revenue
Expenses
Ownership Equity
Receivables
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