Both the straight-line depreciation method and the double-declining-balance depreciation method: A

1. Both the straight-line depreciation method and the double-declining-balance depreciation method:

Answer: A. Produce the same total depreciation over an asset's useful life

(total depreciable amount is to be depreciated over the useful life. hence both the method will record equal total depreciation over useful life)

2. Total asset turnover is calculated by dividing:

Answer: C. Net sales by average total assets

(asset turnover ratio defines company's net sales relative to total average assets)

3. The total cost of an asset less its accumulated depreciation is called:

Answer: B. Book value

(Historical cost - Accumulated deprecuation = Written down value / Carrying Amount / Book 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:

Answer: D. Units-of-production 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:

Answer:

Actual cash count shows actual cash received. hence cash account debit by $150

Sales register shows sales revenue, sales account credit by $155

Difference is shortage of cash, will be recorded as debit to cash over and short account $5