AC201Quiz7

AC201Quiz7 - AC 201 Principles of Accounting I Park...

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AC 201 Principles of Accounting I Name ________________________ Park University Quiz 7- Multiple Choice Questions ( 1 point each ) Select the ONE,BEST Answer 1
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1. Thomas Enterprises purchased a depreciable asset on October 1, 2008 at a cost of $100,000. The asset is expected to have a salvage value of $15,000 at the end of its five year useful life. If the asset is depreciated on the double-declining-balance method, the asset’s book value on December 31, 2010 will be: A. $2 7, 54 0. B. $2 16 00 . C. $3 2, 40 0 D. $1 8, 36 0. E. $9 0, 00 0. 2
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2. Accounts receivable information for specific customers is important because it reveals: A. H o w m uc h ea ch cu st o m er ha s pu rc ha se d on cr ed it. B. H o w m uc h ea ch cu st o m er ha s pa id. C. H o w m 3
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4
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3. A Lomax Enterprises purchased a depreciable asset for $22,000 on March 1, 2008. The asset will be depreciated using the straight-line method over its four year useful life. Assuming the asset’s salvage value is $2,000, what will be the amount of accumulated depreciation on this asset on December 31, 2011: A.
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This note was uploaded on 06/22/2011 for the course ACCT 201 taught by Professor Tracyedmond during the Spring '10 term at Park.

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AC201Quiz7 - AC 201 Principles of Accounting I Park...

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