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ACCOUNTING -- CHAPTER 14 T/F

Authored by TRAVIS PAULSEN

Business

12th Grade

Used 7+ times

ACCOUNTING -- CHAPTER 14 T/F
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Generally accepted accounting principles require that corporations charge 1% of credit sales as an adjustment for uncollectible accounts.

TRUE

FALSE

2.

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Estimated income tax must be paid in monthly installments.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Purchases are recorded in the merchandise inventory account.

TRUE

FALSE

7.

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

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