Column Totals Are Generally Placed at the Top of the Column

question 23

True/False

Column totals are generally placed at the top of the column, but they may be placed at the bottom when the writer wants to emphasize them.

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Definitions:

Salvage Value

The estimated resale value of an asset at the end of its useful life, used in calculating depreciation expense.

Depreciation Expense

Depreciation expense is the allocated portion of the cost of a fixed asset, recognized over its useful life, reflecting its decline in value.

Useful Life

The estimated period of time over which an asset is expected to be used by an organization before it is fully depreciated.

Accrued Revenue

Income that has been earned but not yet received or recorded at the date of the financial statements.