Matching
Match the description with the accounting terms.
Premises:
Allocation of an asset's cost in equal amounts to each accounting period of the asset's useful life
Journal entries made to update accounts for items that were used or expired during the accounting period
An estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life
A balance sheet that lists assets on the left and liabilities and owner's equity on the right
An account with a normal balance that is opposite that of a related account
A form used to gather all data needed at the end of an accounting period to prepare financial statements
That portion of an asset's original cost that has not yet been depreciated
Expense items acquired, recorded, and paid for in advance of their use
An asset account with a credit balance, which is contrary to the normal balance of an asset account
A balance sheet that lists the asset accounts first, followed by liabilities and owner's equity
Allocation of the cost of a long-term asset to operations during its expected useful life
Responses:
Account form balance sheet
Adjusting entries or adjustments
Book value
Contra account
Contra asset account
Depreciation
Prepaid expenses
Report form balance sheet
Salvage value
Straight-line depreciation
Worksheet
Correct Answer:
Premises:
Responses:
Allocation of an asset's cost in equal amounts to each accounting period of the asset's useful life
Journal entries made to update accounts for items that were used or expired during the accounting period
An estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life
A balance sheet that lists assets on the left and liabilities and owner's equity on the right
An account with a normal balance that is opposite that of a related account
A form used to gather all data needed at the end of an accounting period to prepare financial statements
That portion of an asset's original cost that has not yet been depreciated
Expense items acquired, recorded, and paid for in advance of their use
An asset account with a credit balance, which is contrary to the normal balance of an asset account
A balance sheet that lists the asset accounts first, followed by liabilities and owner's equity
Allocation of the cost of a long-term asset to operations during its expected useful life
Premises:
Allocation of an asset's cost in equal amounts to each accounting period of the asset's useful life
Journal entries made to update accounts for items that were used or expired during the accounting period
An estimate of the amount that could be received by selling or disposing of an asset at the end of its useful life
A balance sheet that lists assets on the left and liabilities and owner's equity on the right
An account with a normal balance that is opposite that of a related account
A form used to gather all data needed at the end of an accounting period to prepare financial statements
That portion of an asset's original cost that has not yet been depreciated
Expense items acquired, recorded, and paid for in advance of their use
An asset account with a credit balance, which is contrary to the normal balance of an asset account
A balance sheet that lists the asset accounts first, followed by liabilities and owner's equity
Allocation of the cost of a long-term asset to operations during its expected useful life
Responses:
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