____1. A 90-day note dated March 23 has a maturity date of June 21.

____2. Federal unemployment (FUTA) tax is withheld from each employee's wages.

____3. No gain or loss is recorded when a plant asset is sold for

an amount equal to its book value.

____4. Over the life of a depreciable asset, its recorded cost decreases, the related accumulated depreciation increases, and its book value remains constant

____5. A W-2 form is the withholding allowance certificate for an employee with two dependents.

____6. In most situations, the total Social Security taxes levied on employers will exceed the amount of Social Security taxes withheld from employees.

____7. The direct write-off method of accounting for un-collectable accounts mismatches revenue and expenses and overstates assets.

____8. If the allowance method of recording un-collectable accounts is used, the entry to write-off an account does not affect net income or total assets.

____9. If an uninsured asset is destroyed by fire, the firm suffers a loss measured by the asset's estimated salvage value

true or false questions