Contra Accounts & Accumulated Depreciation


Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

A computer was purchased for $500. The accumulated depreciation on the computer is $200. What is its book value?

Create Your Account To Take This Quiz

As a member, you'll also get unlimited access to over 79,000 lessons in math, English, science, history, and more. Plus, get practice tests, quizzes, and personalized coaching to help you succeed.

Try it risk-free
Try it risk-free for 30 days. Cancel anytime
Already registered? Log in here for access

1. Which of these is a feature of the straight line depreciation method?

2. Which of these best describes a contra account?

Create your account to access this entire worksheet
A Premium account gives you access to all lesson, practice exams, quizzes & worksheets
Access to all video lessons
Quizzes, practice exams & worksheets
Certificate of Completion
Access to instructors
Create an account to get started Create Account

About This Quiz & Worksheet

Assess your knowledge of contra accounts and accumulated depreciation with this multiple-choice quiz and worksheet. You should know the formula for calculating the book value of assets and be able to recall other details about this subject.

Quiz & Worksheet Goals

You'll be quizzed on the following:

  • Calculating the book value of a computer
  • The straight line depreciation method
  • How to describe contra account
  • An accumulated depreciation account
  • What's equivalent to the book value of an asset

Skills Practiced

  • Knowledge application - use your knowledge to answer a question about a feature of the straight line depreciation method
  • Interpreting information - verify that you can read information about an accumulated depreciation account and interpret it correctly
  • Problem solving - use acquired knowledge to calculate the book value of a computer

Additional Learning

To take a closer look at this topic, review the lesson titled Contra Accounts & Accumulated Depreciation. Here are a few examples of what's included in this lesson:

  • A central feature of GAAP accounting
  • Presenting a balance sheet
  • An example of depreciation expenses