Which of the following accounts is debited if depreciation is a production cost?

XYZ Company purchases a machine with a cost of $20,000, a salvage value of $2,000, and life of five years. If the company uses the sum-of-the-years digits method, what would the depreciation charge be for the first year?

If a reasonable estimate of the amount of cash to be received can be made, when should revenue be recognized?

Which of the following groups assets into one of seven classes for tax depreciation?

Which of the following basic patterns would be appropriate for allocation of land?

Which of the following costs is capitalized for a self-constructed asset?

On its December 31 Balance Sheet in Year 1, XYZ Company reports Accounts Receivable of $60,000 and an Allowance for Uncollectible Accounts of $6,000. During Year 2, credit sales total $1,800,000, collections on account total $1,680,000, and write-offs total $9,600. After aging its Accounts Receivable, XYZ Company estimates that 10 percent of its Accounts Receivable at December 31 of Year 2 will be uncollectible. During year 2, a customer's account for $2,400 is written off as uncollectible. What effect will the write-off have on the company's Income Statement and Balance Sheet?

Which of the following costs is normally expensed when incurred, even though it has future benefits?

The matching of costs with the benefits derived from the use of an asset is ____________.

Which of the following life spans would be used for automobiles if the MACRS method of depreciation is employed?

Natural resources are referred to as __________________.