Exam 3

the entry to record accrued interest on a note receivable at year end includes

the direct write off method does not meet the reqs of the

under the aging of AR

the entry to write off an uncollectble account is

to reinstate an account debit

which accounting principle prescribes the use of the allowance method of accounting for bad debts

under the allowance method the entry to reinstate an account previously written off:

under the allowance method the entry to record the estimated bad debts

under the allowance method the write off entry for an account:
a. reduces net income
b. reduces total assets
c. increases net income
d. has no effect on total assets

net accounts receivable is calculated as

under the allowance method the entry to record the bad debts includes a

uncollectble accnt xpnse is

all of the following r intangible assets except: a. patentsb. natural gasc. good willd. trademarks

depletion expense results from

equipment costing 10k with 7800 in accDeprec is sold for 2500 the what is the Jentry

when the assets book value is greater than the amount of cash received from the sale

at the end of an assets useful life the balance in accDeprec will

more deprecation in early years of an asset's use compared to other deprecation methods describes what method

book value is

depreciable cost is defined as

accDeprec represents a growing amount of cash
True False

deprecation is a process of valuation
True False

accumulated deprecation is that portion of a plant asset's costs that has already been recorded as an xpnse true/fals
True False

quip = 50k, insurance for transit = 900. sales tax = 500. insurance for the 1st yr = 3k what is the cost of the quipment90

land is purchased for 60K. bak taxes paid by the byre: 1200 clearing and grading costs were 3k fencing costs were 2500 and lighting costs were 500 total land cost =

the cost of land would include all of the following excepta. purchase priceb. back property taxesc. clearing the landd. fencing

accrued real estate taxes paid at the time of purchase of real estate is under what account

real estate taxes on land paid for the current year is what account

full payment to bldg contractor belongs to what account

excavation costs for new bldg belongs to what account

cost of real estate purchased as a plant site (land 100,000 and bldg 25,000) belongs to what account

cost of parking lots and driveways belongs to what accounts

architects fees on bldgs plans belongs to what account

installation costs of fences around property belongs to what account

cost of demolishing bldg to make land suitable for construction of new bldg belongs to what account

proceds from salvage of demolished bldgs is a credit to what account