Assets

The balance sheet reports

A. expenses                                                 B. assets

Useful life

The time an asset is expected to last is called?

A. useful life                                         B. fiscal period

Depreciable cost

The cost of an asset that is subject to depreciation

is called?

A. depreciable cost                              B. salvage value

Contra-Account

An account used with a related account to bring about

a decrease in the net amount of the two

account balances is called a(n)?

A. adjusting account         B. contra-account

 Asset plus Depreciation

If the book value of an asset and the accumulated depreciation are given what is the process to get the answer?

A. assets minus                         B. assets plus 

     depreciation                              depreciation  

"Adjusting" in the item column

When posting an adjusting entry to the general

ledger, write what?

A. "Adjusting" in the posting reference column

        B. "Adjusting" in the item column