1

1. Tabs at the bottom of a workbook can be renamed.
2. True
3. False

5 points

Question 2

1. Assets that are not depreciated are found on the income statement.
2. True
3. False

5 points

Question 3

1. The reason to put the - in front of the PMT is to
2. have the amount go negative
3. have the amount go positive
4. have the amount automatically decrease over time
5. have the amount take the inverse of the loan amount

5 points

Question 4

1. Book value is calculated by
2. cost-salvage value
3. accumulated depreciation - depreciation expense
4. cost - depreciation expense
5. cost - accumulated depreciation

5 points

Question 5

1. When charting different depreciation methods the Y axis usually contains the year
2. True
3. False

5 points

Question 6

1. When preparing budgets they are typically broken down on a
2. daily basis
3. annual basis
4. quarterly basis
5. every 2 year basis

5 points

Question 7

1. The discount or premium on a bond is calculated by difference between the amount and the proceeds.
2. True
3. False

5 points

Question 8

1. Assets used for resale are depreciated using
2. units of activity
3. straight line
4. double declining
5. are not depreciated

5 points

Question 9

1. When creating a loan amortization schedule in Excel the payment column will
2. increase over time
3. decrease over time
4. increase the first year then decrease for all other years
5. remain the same over time

5 points

Question 10

1. Transactions are recorded in a journal then
2. posted to financial statements
3. posted to ledgers
4. post to the chart of accounts
5. posted to the cost of sales report

5 points

Question 11

1. Double declining balance and sum of the the years digit deprecation methods use the same criteria as straight line depreciation
2. True
3. False

5 points

Question 12

1. Gross profit is found on the
2. income statement
3. balance sheet
4. statement of cash flow
5. statement of owner's equity

5 points

Question 13

1. When creating a depreciation schedule in Excel with built-in formulas, which method of depreciation would use depreciation expense and accumulated depreciation, select all that apply
2. straight line
3. sum of the years
4. double declining balance
5. MACRS
6. units of production

5 points

Question 14

1. In order to calculate bond proceeds you would need (select ALL that apply)
2. Face value
3. Market rate
4. Term
5. Trade in amount
6. License fee

5 points

Question 15

1. Using the formula = PMT the argument nper represents
2. payment amount
3. present value
4. interest rate
5. number of periods

5 points

Question 16

1. The purpose of depreciation is to record the decrease in value of an asset over time
2. True
3. False