Accounting chapter 6

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  1. do work
  2. Which of the following would be classified as a long-term operational asset?
    Machinery.
  3. Which of the following would not be classified as a tangible long-term asset?
    Franchises
  4. Which of the following is not classified
    as Property, Plant and Equipment?
    Goodwill
  5. Which of the following terms is used to identify the process of expense recognition for buildings and equipment?
    Depreciation
  6. At the end of the current accounting period, Rodgers Co. recorded depreciation of $25,000 on its equipment.  The effect of this entry on the company's balance sheet is to:
    decrease owners' equity and decrease assets.
  7. Land differs from other property because it is not subject to
    depreciation
  8. Recognizing depreciation expense on equipment or a building is
    an asset use transaction
  9. Accumulated Depreciation is a temporary account that is closed each year.
    false, ask what it actually is
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Accounting chapter 6
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Accounting chapter 6
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