Contra Accounts & Accumulated Depreciation

Instructions:

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?

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

2. Which of these best describes a contra account?

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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
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