Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Accounting II Chapter 8
Test Description: Review
Instructions: Answer all questions to get your test result.
1) What is the classification of Accumulated Depreciation?
A
Current Asset
B
Plant Asset
C
Liability
D
Operating Expense
2) What is the classification of Depreciation Expense?
A
Current Asset
B
Other Expense
C
Operating Expense
D
Plant Asset
3) What is the classification of Gain on Plant Assets?
A
Plant Asset
B
Other Revenue
C
Operating Revenue
D
Current Asset
4) What is the classification of Loss on Plant Assets?
A
Other Expenses
B
Liabilities
C
Plant Assets
D
Operating Expenses
5) What is the normal balance of Accumulated Depreciation?
A
Debit
B
Credit
6) What is the normal balance of Depreciation Expense?
A
Credit
B
Debit
7) What is the normal balance of Gain on Plant Assets?
A
Debit
B
Credit
8) What is the normal balance of Loss on Plant Assets?
A
Debit
B
Credit
9) The original cost of a plant asset minue the accumulated depreciation is called
A
salvage value of plant asset
B
useful life of a plant asset
C
book value of a plant asset
D
depreciation expense of a plant asset
10) The value of an asset determined by tax authorities for the purpose of calcuating taxes is called
A
assessed value
B
taxable value
C
property tax value
D
mill rate value
11) The method of depreciation calculated my multiplying the book value at the end of each fiscal period by a constant depreciation rate is
A
production unit
B
straight line
C
sum of the years digits
D
declining balance
12) The method of depreciation that charges an equal amount of depreciation expense for a plant asset in each year of its useful life is
A
declining balance
B
sum of the years digits
C
production unit
D
straight line
13) The decrease in value of a plant asset because of the removal of a natural resource is
A
production unit
B
declining balance
C
straight line
D
depletion
14) The method of depreciation calculated by using fractions based on the number of years of a plant asset's useful life is
A
declining balance
B
production unit
C
straight line
D
sum of the years digits
15) Land and anything attached to it is called
A
land improvements
B
depreciable property
C
real property
D
personal property
16) The Going Concern concept states that financial statements are prepared with the expectation that a business will remain in operation indefinitely.
A
True
B
False
17) Businesses most often use the trade-in price listed by the manufacturer as the estimated salvage value.
A
True
B
False
18) The gain or loss on a traded asset equals the original coast of the old asset less its accumulated depreciation plus the original cost of the new asset.
A
True
B
False
19) At the end of the estimated useful life of a plant asset, it should be depreciated down to its original cost.
A
False
B
True
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?