Chapter 10 Practice Materials.docx
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Chapter10PracticeMaterials
Chapter10—FixedAssetsandIntangibleAssets
MULTIPLECHOICE
1.Acharacteristicofafixedassetisthatitis
a.
intangible
b.
usedintheoperationsofabusiness
c.
heldforsaleintheordinarycourseofthebusiness
d.
alongterminvestment
ANS:
BDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
2.Landacquiredsoitcanberesoldinthefutureislistedinthebalancesheetasa（n）
a.
fixedasset
b.
currentasset
c.
investment
d.
intangibleasset
ANS:
CDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
3.Whichofthefollowingshouldbeincludedintheacquisitioncostofapieceofequipment?
a.
transportationcosts
b.
installationcosts
c.
testingcostspriortoplacingtheequipmentintoproduction
d.
allarecorrect
ANS:
DDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
4.Whichofthefollowingisincludedinthecostofconstructingabuilding?
a.
insurancecostsduringconstruction
b.
costofpavingparkinglot
c.
costofrepairingvandalismdamageduringconstruction
d.
costofremovingthedemolishedbuildingexistingonthelandwhenitwaspurchased
ANS:
ADIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
5.Whichofthefollowingisincludedinthecostofland?
a.
costofpavingaparkinglot
b.
brokeragecommission
c.
outdoorparkinglotlightingattachedtotheland
d.
fencesontheland
ANS:
BDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
6.AccumulatedDepreciation
a.
isusedtoshowtheamountofcostexpirationofintangibles
b.
isthesameasDepreciationExpense
c.
isacontraassetaccount
d.
isusedtoshowtheamountofcostexpirationofnaturalresources
ANS:
CDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
7.Abuildingwithanappraisalvalueof$137,000ismadeavailableatanofferpriceof$142,000.Thepurchaseracquiresthepropertyfor$30,000incash,a90-daynotepayablefor$40,000,andamortgageamountingto$60,000.Thecostbasisrecordedinthebuyer'saccountingrecordstorecognizethispurchaseis
a.
$137,000
b.
$142,000
c.
$130,000
d.
$100,000
ANS:
CDIF:
ModerateOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
8.Ausedmachinewithapurchasepriceof$77,000,requiringanoverhaulcosting$8,000,installationcostsof$5,000,andspecialacquisitionfeesof$2,000,wouldhaveacostbasisof
a.
$92,000
b.
$91,000
c.
$87,000
d.
$86,000
ANS:
ADIF:
ModerateOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
9.Anewmachinewithapurchasepriceof$94,000,withtransportationcostsof$8,000,installationcostsof$6,000,andspecialacquisitionfeesof$2,000,wouldhaveacostbasisof
a.
$96,000
b.
$108,000
c.
$102,000
d.
$110,000
ANS:
DDIF:
ModerateOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
10.Expendituresthataddtotheutilityoffixedassetsformorethanoneaccountingperiodare
a.
committedexpenditures
b.
revenueexpenditures
c.
currentexpenditures
d.
capitalexpenditures
ANS:
DDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
11.Acapitalexpenditureresultsinadebitto
a.
anexpenseaccount
b.
acapitalaccount
c.
aliabilityaccount
d.
anassetaccount
ANS:
DDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
12.Whichofthefollowingbelowisanexampleofacapitalexpenditure?
a.
cleaningthecarpetinthefrontroom
b.
tune-upforacompanytruck
c.
replacinganengineinacompanycar
d.
replacingallburned-outlightbulbsinthefactory
ANS:
CDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
13.Inaleasecontract,thepartywholegallyownstheassetisthe
a.
lessee
b.
lessor
c.
operator
d.
banker
ANS:
BDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
14.Allleasesareclassifiedaseither
a.
capitalleasesorlong-termleases
b.
capitalleasesoroperatingleases
c.
operatingleasesorcurrentleases
d.
long-termleasesorcurrentleases
ANS:
BDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
15.Thejournalentryforrecordinganoperatingleasepaymentwould
a.
beamemoentryonly
b.
debitthefixedassetandcreditCash
c.
debitanexpenseandcreditCash
d.
debitaliabilityandcreditCash
ANS:
CDIF:
EasyOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
16.Whendeterminingwhethertorecordanassetasafixedasset,whattwocriteriamustbemet?
a.
Mustbeaninvestmentandmustbelonglived.
b.
Mustbelonglivedandmustusetheassetinaproductivemanner.
c.
Mustbelonglivedandmustbeatangibleasset.
d.
Mustbeatangibleassetandmustbeaninvestment.
ANS:
BDIF:
ModerateOBJ:
10-01
NAT:
AACSBAnalytic|AICPAFN-Measurement
17.Factorscontributingtoadeclineintheusefulnessofafixedassetmaybedividedintothefollowingtwocategories
a.
salvageandfunctional
b.
physicalandfunctional
c.
residualandsalvage
d.
functionalandresidual
ANS:
BDIF:
EasyOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
18.Afixedasset'sestimatedvalueatthetimeitistoberetiredfromserviceiscalled
a.
bookvalue
b.
residualvalue
c.
marketvalue
d.
carryingvalue
ANS:
BDIF:
EasyOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
19.Allofthefollowingbelowareneededforthecalculationofdepreciationexcept
a.
cost
b.
residualvalue
c.
estimatedlife
d.
bookvalue
ANS:
DDIF:
EasyOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
20.Themethodofdeterminingdepreciationthatyieldssuccessivereductionsintheperiodicdepreciationchargeovertheestimatedlifeoftheassetis
a.
units-of-production
b.
declining-balance
c.
straight-line
d.
time-valuation
ANS:
BDIF:
ModerateOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
21.Whentheamountofuseofafixedassetvariesfromyeartoyear,themethodofdeterminingdepreciationexpensethatbestmatchesallocationofcostwithrevenueis
a.
declining-balance
b.
straight-line
c.
units-of-production
d.
MACRS
ANS:
CDIF:
ModerateOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
22.Amachinewithacostof$65,000hasanestimatedresidualvalueof$5,000andanestimatedlifeof5yearsor15,000hours.Itistobedepreciatedbytheunits-of-productionmethod.Whatistheamountofdepreciationforthesecondfullyear,duringwhichthemachinewasused5,000hours?
a.
$8,000
b.
$20,000
c.
$12,000
d.
$21,667
ANS:
BDIF:
DifficultOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
23.Equipmentwithacostof$160,000hasanestimatedresidualvalueof$10,000andanestimatedlifeof5yearsor12,000hours.Itistobedepreciatedbythestraight-linemethod.Whatistheamountofdepreciationforthefirstfullyear,duringwhichtheequipmentwasused3,300hours?
a.
$30,000
b.
$32,500
c.
$34,000
d.
$40,000
ANS:
ADIF:
DifficultOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
24.Amachinewithacostof$65,000hasanestimatedresidualvalueof$5,000andanestimatedlifeof4yearsor18,000hours.Whatistheamountofdepreciationforthesecondfullyear,usingthedoubledeclining-balancemethod?
a.
$15,000
b.
$30,000
c.
$16,250
d.
$32,500
ANS:
CDIF:
DifficultOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
25.Themostwidelyuseddepreciationmethodis
a.
straight-line
b.
sum-of-the-years-digits
c.
declining-balance
d.
units-of-production
ANS:
ADIF:
EasyOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
26.Equipmentwithacostof$80,000,anestimatedresidualvalueof$5,000,andanestimatedlifeof15yearswasdepreciatedbythestraight-linemethodfor5years.Duetoobsolescence,itwasdeterminedthattheusefullifeshouldbeshortenedby5yearsandtheresidualvaluechangedtozero.Thedepreciationexpenseforthecurrentandfutureyearsis
a.
$5,500
b.
$11,000
c.
$10,000
d.
$5,000
ANS:
BDIF:
DifficultOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
27.Thedepreciationmethodthatdoesnotuseresidualvalueincalculatingthefirstyear'sdepreciationexpenseis
a.
straight-line
b.
units-of-production
c.
double-declining-balance
d.
noneoftheabove
ANS:
CDIF:
EasyOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
28.Ifafixedasset,suchasacomputer,werepurchasedonJanuary1stfor$1,950withanestimatedlifeof3yearsandasalvageorresidualvalueof$150,thejournalentryformonthlyexpenseunderstraight-linedepreciationis:
（Note:
EOMindicatesthelastdayofeachmonth.）
a.
EOMDepreciationExpense50.00
AccumulatedDepreciation50.00
b.
EOMDepreciationExpense600.00
AccumulatedDepreciation600.00
c.
EOMAccumulatedDepreciation600.00
DepreciationExpense600.00
d.
EOMAccumulatedDepreciation50.00
DepreciationExpense50.00
ANS:
ADIF:
EasyOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
29.Theproperjournalentrytopurchaseacomputeronaccounttobeutilizedwithinthebusinesswouldbe:
a.
Jan2OfficeSupplies1,250.00
AccountsPayable1,250.00
b.
Jan2OfficeEquipment1,250.00
AccountsPayable1,250.00
c.
Jan2OfficeSupplies1,250.00
AccountsReceivable1,250.00
d.
Jan2OfficeEquipment1,250.00
AccountsReceivable1,250.00
ANS:
BDIF:
EasyOBJ:
10-02
NAT:
AACSBAnalytic|AICPAFN-Measurement
30.Residualvalueisalsoknownasallofthefollowingexcept
a.
scrapvalue
b.
tradeinvalue
c.
salvagevalue
d.
netbookvalue
ANS:
DDIF:
EasyOBJ:
10-02
NAT:
AACSBAnalytic
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