Self Assessment Quizzes

CHAPTER 23: Section 3 Accounting for Depreciation Expense at the End of a Year

	1.	Depreciation expense is recorded on the

		a.	balance sheet
		b.	income statement
		c.	Owners Capital section
		d.	both the balance sheet and the income statement

	2.	To record depreciation for a delivery van the entry would be

		a.	debit Delivery Equipment and credit Accumulated Depreciation-Delivery Equipment
		b.	debit Accumulated Depreciation-Delivery Equipment and credit Delivery Equipment
		c.	debit Accumulated Depreciation-Delivery Equipment and credit Depreciation Expense-Delivery Equipment
		d.	debit Depreciation Expense-Delivery Equipment and credit Accumulated Depreciation-Delivery Equipment

	3.	Depreciation expense is closed to

		a.	Retained Earnings
		b.	Accumulated Depreciation
		c.	Plant Assets
		d.	Income Summary

	4.	After the work sheet is completed and the financial statements are prepared, adjustments for depreciation are recorded

		a.	on the work sheet
		b.	on the income statement
		c.	in the general journal
		d.	in the general ledger

	5.	The adjustment for depreciation is recorded

		a.	on the adjustment section of the work sheet
		b.	on the trial balance section of the work sheet
		c.	on the adjusted trial balance section of the work sheet
		d.	on the income statement section of the work sheet

	6.	Accumulated Depreciation is

		a.	an asset account
		b.	a liability account
		c.	a contra asset account
		d.	an expense account