1-When completing a bond amortization schedule, interest expense will increase over time?

True or False

2-When creating a loan amortization schedule in Excel the payment column will

increase over time

decrease over time

increase the first year then decrease for all other years

remain the same over time

3-When completing a bond amortization schedule, interest expense will increase over time

True

False

4-The purpose of depreciation is to record the decrease in value of an asset over time

True

False

5- When creating a depreciation schedule in Excel with built-in formulas, which method of depreciation would use depreciation expense and accumulated depreciation, select all that apply

straight line

sum of the years

double declining balance

MACRS

units of production

6- Gross profit is found on the

income statement

balance sheet

statement of cash flow

statement of owner's equity

7-Using the formula = PMT the argument nper represents

payment amount

present value

interest rate

number of periods

8-Assets that are not depreciated are found on the income statement.

True

False

9-Double declining balance and sum of the the years digit deprecation methods use the same criteria as straight line depreciation

True

False

10-The rate on a bond is expressed in terms of a percentage.

True

False

11Transactions are recorded in a journal then

posted to financial statements

posted to ledgers

post to the chart of accounts

posted to the cost of sales report

12-When preparing budgets they are typically broken down on a

daily basis

annual basis

quarterly basis

every 2 year basis

13-In order to calculate bond proceeds you would need (select ALL that apply)

		Face value
		Market rate
		Term
		Trade in amount
		License fee 14-Tabs at the bottom of a workbook can be renamed. True False 15-When charting different depreciation methods the Y axis usually contains the year True False 16-List the 3 formulas that represent 3 different methods of deprecation. Explain what information is needed in the formulas to calculate deprecation for EACH method.