module 5 computing annual straight-line depreciation, accounting homework help

Question 1

  1.  

    The formula for computing annual straight-line depreciation is:

    A.

    B.

    C.

    D.

1 points  

Question 2

  1.  

    The June depreciation expense was not recorded in June. How are the financial statements affected by not recording this expense in June?

    A.

    B.

    C.

    D.

1 points  

Question 3

  1.  

    The asset section of a classified balance sheet usually includes:

    A.

    B.

    C.

    D.

1 points  

Question 4

  1.  

    Accumulated Depreciation appears on the

    A.

    B.

    C.

    D.

1 points  

Question 5

  1.  

    Which depreciation method will result in the same depreciation expense every year?

    A.

    B.

    C.

    D.

1 points  

Question 6

  1.  

    A company has installed a piece of machinery for a total of $76,000. In its third month of operation, repairs of $1,300 had to be made on the machine. This $1,300 would be:

    A.

    B.

    C.

    D.

1 points  

Question 7

  1.  

    Using double-declining balance, calculate the first two years of depreciation expense for the following piece of equipment: Cost 435,000, salvage value of $25,000, useful life of 10 years.

    A.

    B.

    C.

    D.

1 points  

Question 8

  1.  

    Research and development costs (R&D) are generally

    A.

    B.

    C.

    D.

1 points  

Question 9

  1.  

    Patents and trademarks are

    A.

    B.

    C.

    D.

1 points  

Question 10

  1.  

    Using units of production, what is the annual depreciation amount for a vehicle which cost $42,000, has a salvage value of $4000, a useful life of 4 years and 100,000 miles, driven 22,000 miles this year?

    A.

    B.

    C.

    D.

1 points  

Question 11

  1.  

    Depletion:

    A.

    B.

    C.

    D.

1 points  

Question 12

  1.  

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

    A.

    B.

    C.

    D.

1 points  

Question 13

  1.  

    If an asset produces more revenue in its early years, the depreciation method best suited for this asset would be the:

    A.

    B.

    C.

    D.

1 points  

Question 14

  1.  

    Extraordinary repairs:

    A.

    B.

    C.

    D.

1 points  

Question 15

  1.  

    Which of the following would NOT be considered part of the cost of the land?

    A.

    B.

    C.

    D.

1 points  

Question 16

  1.  

    Examples of assets are

    A.

    B.

    C.

    D.

1 points  

Question 17

  1.  

    A company replaced an engine on a vehicle and added the amount to repairs expense, rather than adding the amount to the “vehicle” account. Which of the following would occur because of this error?

    A.

    B.

    C.

    D.

1 points  

Question 18

  1.  

    Revenue expenditures:

    A.

    B.

    C.

    D.

1 points  

Question 19

  1.  

    Which one of the fixed asset accounts listed below will NOT have a related contra asset account

    A.

    B.

    C.

    D.

1 points  

Question 20

  1.  

    Notes Receivable due in 350 days appear on the

    A.

    B.

    C.

    D.

1 points  

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