Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that...

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Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.) Accumu

Explain what unearned revenues are by selecting the statements below which are correct. (Check all that apply.) They are a li

Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.)

Accumulated depreciation is an expense account.
The Accumulated depreciation account allows the original cost of the asset to remain in the plant asset account.
Accumulated depreciation is a contra account.
Accumulated depreciation is added to its plant asset on the income statement.
Accumulated depreciation is subtracted from its plant asset on the balance sheet.
Accumulated depreciation accumulates the total depreciation taken on an asset since its purchase.

Explain what unearned revenues are by selecting the statements below which are correct. (Check all that apply.)

They are a liability.
They are reported on a balance sheet.
They refer to earnings which have been earned, but not yet billed.
They are also called accounts receivable.
They are also called deferred revenues.
They refer to cash received in advance of performing a service or product.

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Answer 1

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1

The following statements about the accumulated depreciation account are correct:

The Accumulated depreciation account allows the original cost of the asset to remain in the plant asset account.

Accumulated depreciation is a contra account

Accumulated depreciation is subtracted from its plant assets on the balance sheet

Accumulated depreciation accumulates the total depreciation taken on an asset since its purchase.

2

Unearned revenues are:

They are a liability.

They are reported on a balance sheet

They are also called deferred revenues.

They refer to cash received in advance of performing a service or product.

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Answer 2

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