The original cost of equipment is reduced by the amount of Amortization Expense.
82) The spreading or allocating of the cost of a long-term asset is called amortization.
83) Accumulated Amortization is an asset account.
84) The worksheet contains a trial balance.
85) Amortization Expense is debited when recording the amortization for the period.
86) The use of straight-line amortization results in equal amounts of amortization being taken over a period of time.
87) Prepaid Rent is an asset with a normal balance of a debit.
88) To compute net income or net loss, the debit and credit columns of the income statement section of the worksheet are totaled, and the difference is placed on the smaller side.
89) Revenue is recorded when earned, and expenses are recorded only when paid.
90) The worksheet is the first financial statement prepared.
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