1. Both the straight-line depreciation method and the double-declining-balance depreciation method: A. Produce the same total depreciation over an asset's useful life B. Produce the same depreciation expense each year C. Produce the same book value each year D. Are acceptable for tax purposes only
2. Total asset turnover is calculated by dividing: A. Gross profit by average total assets B. Average total assets by gross profit C. Net sales by average total assets D. Average total assets by net sales E. Net assets by total assets
3. The total cost of an asset less its accumulated depreciation is called: A. Historical cost B. Book value C. Present value D. Current (market) value
4. Which of the following is a method that allocates an equal portion of the total depreciable cost for a plant asset to each unit produced is called: A. Accelerated depreciation B. Declining-balance depreciation C. Straight-line depreciation D. Units-of-production depreciation E. Modified accelerated cost recovery system (MACRS) depreciation

5. At end of the day, the cash register's record shows $155, but the count of cash in the cash register is $150. The correct entry to record the cash sales for the day is: A.

Cash	150
Sales		150

B.

Cash	155
Sales		155

C.

Cash	150
Cash over and short	5
Sales		155

D.

Cash	155
Sales		150
Cash over and short		5