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Quiz

Practice test

dejonna jackson 20 Fragen

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Fragen in diesem Quiz (20)

  1. 1If an asset is depreciated using the Straight-Line method, depreciation expense
    1. ADecreases each year
    2. BIncreases each year
    3. CIs the same each year
    4. DIs unpredictable.
  2. 2Using the percentage of receivables method for recording Bad Debts Expense, estimated uncollectible
    accounts are $315,000. If the balance of the Allowance for Doubtful Accounts (ADA) is $218,000 debit before
    adjustment, what is the amount of Bad Debts Expense for that period?
    1. A$533,000
    2. B$242,000
    3. C$127,000
    4. D$211,000
  3. 3Yanik Company's delivery truck, which originally cost $375,000, was destroyed by fire. At the time of the
    fire, the balance of the Accumulated Depreciation account amounted to $215,000. The company received
    $95,000 reimbursement from its insurance company. The gain or loss as a result of the fire was
    1. A$17,500gain.
    2. B$17,500 loss.
    3. C$65,000 loss.
    4. D$35,000loss.
  4. 4A plant asset was purchased on January 1, of an unknown year for $385,000, with an estimated salvage
    value of $25,000 at the end of its useful life. The current year's Depreciation Expense is $10,000 calculated on
    the straight-line basis and the balance of the Accumulated Depreciation account at the end of the current year
    is $100,000. What are/were the remaining useful life and the original useful life of the plant asset?
    1. A10 Years (Remaining Useful life) 6 Years (OG)
    2. B20 Years (Remaining Useful Life) 5 Years (OG)
    3. C13 Years 8 Years
    4. D26 Years (Remaining Useful Life) 36 Years (OG)
  5. 5Mott Company uses the units-of-activity method in computing depreciation. A new plant asset is purchased
    for $336,000 that will produce an estimated 220,000 units over its useful life. Estimated salvage value at the
    end of its useful life is $35,000. What is the depreciation cost per unit, to the nearest cent?
    1. A$1.37
    2. B$1.23
    3. C$1.50
    4. D$1.76
  6. 6A company purchased office equipment for $40,000 and estimated it would have a salvage value of $8,000
    at the end of its 18-year useful life. The constant percentage to be applied against book value each year if the
    double-declining-balance method is used is
    1. A12.5%
    2. B11.1%.
    3. C12.0%.
    4. D15%.
  7. 7The depreciation method in which Depreciation Expense decreases each period is
    1. Anone of these
    2. Bstraight-line
    3. Cunits-of-activity
    4. DDouble-declining balance
  8. 8Net Accounts Receivable on the Balance Sheet is calculated as
    1. AAccounts Receivable minus Bad Debt Expense
    2. BAccounts Receivable plus Allowance for Doubtful Accounts
    3. CAccounts Receivable minus Allowance for Doubtful Accounts
    4. DAccounts Receivable plus Bad Debt Expense
  9. 9Bad Debts Expense is reported as a type of operating expense on the
    1. ABalance Sheet
    2. BCash Flow Statement
    3. CIncome Statement and Balance Sheet
    4. DIncome Statement
  10. 10If the Percentage of Receivables method is used to estimate the Allowance for Doubtful Accounts
    (ADA),what table is used to estimate the target ADA balance?
    1. ACredit Table
    2. BBad Debt Table
    3. CAging Schedule
    4. DReturns and Allowances Table

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Beschreibung
Quiz am Practice test, erstellt von dejonna jackson am 06/07/2022.
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English
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