1. Which of the following best describes the journal entry for recording depreciation expense? A. Debit accumulated depreciation and credit depreciation expense to record the decline in book value of the asset and the related decrease in expense B. Debit depreciation expense and credit accumulated depreciation to record the decline in book value of the asset and the related decrease in expense C. Debit accumulated depreciation and credit depreciation expense to record the decline in book value of the asset and the related increase in expense D. Debit depreciation expense and credit accumulated depreciation to record the decline in book value of the asset and the related increase in expense E. None of the Above

2. Gross profit can be calculated as which of the following? A. Net Sales Cost of Goods Sold B. Gross Sales Sales Returns Sales Allowances Sales Discounts Cost of Goods Sold C. Net Income + Non-Operating Expense + Operating Expenses D. All of the Above E. None of the Above