The value of a depreciable asset at the end of its useful life is called:
A. book value.
B. residual value.
C. accrued revenue.
D. accrued expense.
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Which of the following is the correct formula for calculating depreciation under the straight-line method?
A. Straight-line depreciation = (Cost + Residual value) ÷ Useful life
B. Straight-line depreciation = (Cost - Residual value) ÷ Useful life
C. Straight-line depreciation = (Cost + Residual value) × Useful life
D. Straight-line depreciation = (Cost - Residual value) × Useful life
The sum of all the depreciation expense recorded to date for a depreciable asset is called:
A. book value.
B. residual value.
C. depreciation expense.
D. accumulated depreciation.
Which of the following is a contra account?
A. Depreciation Expense
B. Accumulated Depreciation
C. Unearned Revenue
D. Earned Revenue
Accrued revenue is revenue that:
A. has been collected and earned.
B. the business has collected in cash, but not yet earned.
C. the business has earned, but not yet collected in cash.
D. will be collected and earned in the future.
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