1. It is a written promise to pay certain sum of money, usually with interest, at a definite future date. a. Promissory Note c. Interest Payable b. Notes Payable d. Notes Receivable 2. These are revenues that have been collected but not yet earned a Revenues c. Unearned Revenues b. Receivables d. Earnings 3. These are expenses that have been incurred but not yet paid a. Accrued Expense c. Accruals b. Expenses d. Revenue 4. These are salaries incurred but not paid a. Salaries c. Salaries Expense b. Accrued Salaries d. Accruals 5. It refers to the use of expense method and revenue method a Nominal Account Method C Both a and b b. Income Statement Method d. Neither a norb 6. It refers to the use of asset method and liability method a. Real Account Method b. Statement of Financial Position Method c. Both a and b d. Neither a norb 7. It is simply the purchase price of the asset a Salvage Value c. Carrying Value b. Depreciable Cost d. Acquisition Cost 8. It is the difference between the acquisition cost and the salvage value a. Salvage Value c. Carrying Value b. Deprecable Cost d. Acquisition Cost 9. It is the difference between cost and accumulated depreciation a. Salvage Value c. Carrying Value b. Depreciable Cost d. Acquisition Cost 10. It is the residual value or scrap value c. Carrying Value
