Mid Term 2

What financial Statement does Deprecation Expense appear on?

• Income Statement

• Balance Sheet

• Owner's Equity

• Trial Balance

How is Cost of Goods sold calculated?

• Beginning Inventory + Net Purchases

• Beginning Inventory + Net Purchases - Ending Inventory

Gross Pay is income before any deductions.

• True

• False

Assets - Liabilities = Net Income

• True

• False

Gross Profit = Sales -

• CGS

• CGAS

• Net Income

An employees withholding certificate is

• W-2

• 1099

• W-4

Depreciation is the periodic allocation of cost of an intangible asset.

• True

• Fase

Periodic cost of an asset is

• Amortization

• Depreciation

• Depletion

• Salvage Value

Straight-line is the method of depreciation mostly used by funeral directors.

• True

• False

The same depreciation expense every year is

• Straight-line

• Double Declining

• Sum of the Years Digits

• Units of Output