1 The process of allocating a property, plant, and equipment asset's cost to expense over the period the asset is used is called A direct write off B accruing C cash basis accounting D amortization 2 After preparing the bank reconciliation, journal entries must be prepared for A outstanding cheques B any errors made on the books revealed by the bank reconciliation C deposits in transit D any errors made by the bank revealed by the bank reconciliation 3 Using the balance sheet approach to estimate uncollectibles, accounts that are 90 days old are A less likely to be collected than accounts 360 days old B less likely to be collected than accounts 30 days old C more likely to be collected than accounts 30 days old D equally likely to be collected as accounts 360 days old

Question

1  The process of allocating a property, plant, and equipment asset's cost to expense over the period the asset is used is called  A  direct write off  B  accruing  C  cash basis accounting  D  amortization  2  After preparing the bank reconciliation, journal entries must be prepared for  A  outstanding cheques  B  any errors made on the books revealed by the bank reconciliation  C  deposits in transit  D  any errors made by the bank revealed by the bank reconciliation  3  Using the balance sheet approach to estimate uncollectibles, accounts that are 90 days old are  A  less likely to be collected than accounts 360 days old  B  less likely to be collected than accounts 30 days old  C  more likely to be collected than accounts 30 days old  D  equally likely to be collected as accounts 360 days old

Accepted Answer

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	A.	direct write-off.
	B.	accruing.
	C.	cash-basis accounting.
	D.	amortization.

	A.	outstanding cheques.
	B.	any errors made on the books revealed by the bank reconciliation.
	C.	deposits in transit.
	D.	any errors made by the bank revealed by the bank reconciliation.

	A.	less likely to be collected than accounts 360 days old.
	B.	less likely to be collected than accounts 30 days old.
	C.	more likely to be collected than accounts 30 days old.
	D.	equally likely to be collected as accounts 360 days old.

Question

1. The process of allocating a property, plant, and equipment asset's cost to expense over the period the asset is used is called: A. direct

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