1)Accumulated depreciation is:

		The depreciation expense recorded on an asset to date.
		The remaining book value of an asset.
		The depreciation expense taken on an asset during the current period.
		An expense on the income statement.

2)One of the purposes of adjusting entries is to convert assets to expenses.

True

False

3)Ledger accounts are updated first, and then transactions are recorded in the journal.

True

False

4)The period of time over which the cost of an asset is allocated to depreciation expense is called its useful life.

True

False

5)Accounting is the process of recording and classifying business financial transactions.

True

False