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Chapter 4 Learning Objective 3

Quiz by Tracy Weber

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21 questions
Show answers
  • Q1
    Which of the following terms refers to the cost of an equipment allocated as an expense over its estimated useful life?
    Book value
    Depreciation
    Adjustments
    Sunk cost
    30s
  • Q2
    Accumulated Depreciation, Equipment, is shown as a(n)
    expense on the income statement
    contra account on the balance sheet.
    liability on the balance sheet.
    deduction from net income on the statement of owner's equity.
    30s
  • Q3
    Accountants refer to the wages earned by employees but not paid to them at the end of an accounting period as:
    deposited wages.
    carrying wages.
    accrued wages.
    booked wages.
    30s
  • Q4
    The type of account and normal balance of Accumulated Depreciation are
    liability, credit.
    contra asset, credit
    contra asset, debit.
    asset, credit.
    30s
  • Q5
    The adjusting entry to record depreciation of equipment is
    debit Depreciation Expense; credit Accumulated Depreciation.
    debit Depreciation Expense; credit Depreciation Payable.
    debit Equipment; credit Accumulated Depreciation.
    debit Accumulated Depreciation; credit Depreciation Expense.
    30s
  • Q6
    Foster Company bought equipment on January 3 of this year for $10,000. At the time of purchase, the equipment was estimated to have a useful life of nine years and a trade-in value of $1,000 at the end of nine years. Using the straight-line method, the amount of one year's depreciation is
    $1,000.
    $1,111.
    $9,000.
    $1,222.
    30s
  • Q7
    If the Income Statement Debit and Credit columns on a work sheet are not equal after adding the respective columns,
    the company incurred a net loss.
    the company generated a net income.
    the company either generated a net income or incurred a net loss.
    an error has been made.
    30s
  • Q8
    The Income Statement Debit column of the work sheet contains
    liability account balances.
    expense account balances.
    asset account balances.
    revenue account balances.
    30s
  • Q9
    Which of the following accounts is not adjusted?
    Wages Payable
    Owner's Capital
    Accumulated Depreciation
    Depreciation Expense
    30s
  • Q10
    In which columns of a work sheet would the adjusted balance of Accumulated Depreciation appear?
    Adjusted Trial Balance Debit, Balance Sheet Debit
    Adjusted Trial Balance Credit, Balance Sheet Credit
    Adjusted Trial Balance Credit, Balance Sheet Debit
    Adjusted Trial Balance Credit, Income Statement Credit
    30s
  • Q11
    The owner's Capital account is found on the
    Trial Balance Credit column, Adjustments Credit column, Adjusted Trial Balance Credit column, and Balance Sheet Credit column of a work sheet.
    Trial Balance Credit column, Adjusted Trial Balance Credit column, and Balance Sheet Credit column of a work sheet.
    Trial Balance Debit column, Adjustments Debit column, Adjusted Trial Balance Credit column, and Income Statement Credit column of a work sheet.
    Trial Balance Credit column and Income Statement Debit column of a work sheet.
    30s
  • Q12
    The amount of net income will appear on the debit side of the Income Statement columns on a work sheet,
    if total revenue exceeded total expenses for the period.
    if total expenses exceeded total revenue for the period.
    if total assets exceeded total liabilities for the period.
    if withdrawals have been made during the period.
    30s
  • Q13
    Star Bright Tea Co. purchases equipment with a cost of $54,400 and a trade-in value of $4,000. Star Bright Tea Co. estimates that the equipment will have a useful life of 7 years. What is the amount of depreciation for one month assuming the straight-line method?
    $600
    $7,771.43
    $7,200
    $647.62
    30s
  • Q14
    Espanola Co. purchases equipment with a cost of $25,000 and a trade-in value of $4,000. Espanola Co. estimates that the equipment will have a useful life of 7 years. Assuming Espanola Co. has depreciated the equipment for a total of 4 years using the straight-line method, what is the book value of the equipment?
    $8,000
    $13,000
    None of the answers listed
    $12,000
    30s
  • Q15
    Dowdy Co. has equipment with a cost of $30,000 and accumulated depreciation of $22,000. What is the book value of the equipment?
    $30,000
    $8,000
    $52,000
    $22,000
    30s

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