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Accounting-Ch. 14 Test

Enter the letter for the matching Definition
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1.
Allowance method of recording losses from uncollectible accounts
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2.
Uncollectible accounts
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3.
Depreciation expense
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4.
Merchandise inventory
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5.
Book value of accounts receivable
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6.
Accumulated depreciation
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7.
Straight-line method of depreciation
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8.
Book value of a plant asset
A.
the total amount of depreciation expense that has been recorded since the purchase of a plant assset.
B.
accounts receivable that cannot be collected.
C.
the difference between the balance of Accounts Receivable and its contra account, Allowance for Uncollectible Accounts.
D.
crediting the estimated value of uncollectible accounts to a contra account.
E.
charging an equal amount of depreciation expense for a plant asset in each year of useful life.
F.
the portion of a plant asset's cost that is transferred to an expense account in each fiscal period during a plant asset's useful life.
G.
the amount of goods on hand for sale to customers.
H.
the original cost of a plant asset minus accumulated depreciation
Type the Term that corresponds to the displayed Definition.
incorrect
9.
a group of persons elected by the stockholders to manage a corporation
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10.
the difference between an asset's account balance and its related contra account balance.
incorrect
11.
assets that will be used for a number of years in the operation of a business.
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12.
cash and other assets expected to be exchanged for cash or consumed within a year.
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13.
action by a board of directors to distribute corporate earnings to stockholders.
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14.
an amount earned by a corporation and not yet distributed to stockholders.
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15.
the amount an owner expects to receive when a plant asset is removed from use.
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16.
earnings distributed to stockholders.

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Created by: warnerd
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