Robert Rogers, CPA, Owns a Computer That Is Used in His

question 56

Multiple Choice

Robert Rogers, CPA, owns a computer that is used in his consultancy services. As per the matching principle, the related account that should appear on the balance sheet as of December 31, 2014 is:

• A)Depreciation Expense.
• B)Service Revenue.
• C)Accumulated Depreciation.
• D)Equipment Expense.

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Definitions:

Paychecks

Regular payments made by employers to employees for the work they have performed, often on a weekly or bi-weekly basis.

Finance Charge

A fee charged for the use of credit or the extension of existing credit, often expressed as an annual percentage rate.

Credit Card Statement

A monthly document provided by credit card companies that details all the transactions, fees, payments, and outstanding balance for the account.

Monthly Credit

Refers to any credit received or applied to an account each month, such as cash back from a credit card or credit for returned items.