After the accounts are adjusted and closed at the end of

Assignment Help Accounting Basics

Reference no: EM13583359

1) Factors contributing to a decline in the usefulness of a fixed asset may be divided into the following two categories
A. salvage and functional
B. physical and functional
C. residual and salvage

D.functional and residual

2) A machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the double declining-balance method?
A. $17,500
B. $37,500
C. $18,750
D. $16,667

3) After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $340,000 and Allowance for Doubtful Accounts has a balance of $51,000. What is the net realizable value of the accounts receivable?
A. $51,000
B. $289,000
C. $340,000
D. $391,000

4) Residual value is also known as all of the following except
A. scrap value
B. trade in value
C. salvage value
D. net book value

Reference no: EM13583359

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