题目内容

In accounting, depreciation refers to the:

A. method of spreading the cost of an asset over its useful life.
B. method of declining the market value of an asset to its book value.
C. method of estimation of an asset's current market value.
D. process of sale of a used asset.

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The Accumulated Depreciation account is:

A. a record of the sum of all the depreciation expense recorded.
B. the price quoted to the buyer of a used asset.
C. an expense account.
D. the expense account used to expense the cost of an asset.

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On January 1, 2015, the Accounts Receivable of Linda Company had a debit balance of $20,000. During January, the company provided services for $600,000 on account. The company collected $250,000 from its customers on account in January. What was the ending balance in the Accounts Receivable account at the end of January?

A. $350,000
B. $620,000
C. $370,000
D. $600,000

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Qwerty Inc. prepaid $3,600 on November 1, 2014 for a one-year insurance premium. On January 1, 2015 of the next year (after December 31 adjustments), the Prepaid Insurance account will have a debit balance of:

A. $3,300.
B. $3,900.
C. $3,600.
D. $3,000.

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Classic Artists' Services has hired a maintenance man to maintain a building they use for instruction. He will begin work on February 1 and work through till May 31. Classic Artists' will pay the maintenance man $4,000 at the end of May. It accrues Maintenance Expense at the end of every month. What is the balance in the Accounts Payable account for amounts owed to the maintenance man at the end of March?

A. Debit balance of $4,000
B. Credit balance of $2,000
C. Debit balance of $2,000
D. Credit balance of $4,000

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In accounting, depreciation refers to the:

A. method of spreading the cost of an asset over its useful life. B. method of declining the market value of an asset to its book value. C. method of estimation of an asset's current market value. D. process of sale of a used asset.

The Accumulated Depreciation account is:

Qwerty Inc. prepaid $3,600 on November 1, 2014 for a one-year insurance premium. On January 1, 2015 of the next year (after December 31 adjustments), the Prepaid Insurance account will have a debit balance of:

A. method of spreading the cost of an asset over its useful life.
B. method of declining the market value of an asset to its book value.
C. method of estimation of an asset's current market value.
D. process of sale of a used asset.