9. Which of the following represents the appropriate order of the accounting cycle?

1. Journalize, post, adjust, reports, closing
2. Post, journalize, closing, adjustments, reports
3. Adjustments, reports, closing, post
4. Reports, closing, journalizing, posting

10. What is depreciation?

1. The loss in the value of an asset
2. The wearing down of an asset
3. The allocation of an assets cost over its useful life
4. The book value of an old asset

11. How is depreciation calculated?

1. C-S/L
2. (C-L)/ S
3. C/S
4. C-S

12. How do you determine the book value of an asset?

1. C- Dep Expense
2. C-S
3. C- Accumulated depreciation
4. C