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ACC291 Week 2 Practice Quiz

ACC291 Week 2 Practice Quiz

ACC291 Week 2 Practice Quiz

Practice Question 01
Land improvements are depreciable assets.

True
False

Practice Question 05
Which of the following is not a depreciable asset?

Equipment
Land improvements
Buildings
Land

Practice Question 10
Expenditures to maintain the operating efficiency and expected productive life of the unit are expensed as incurred.

True
False

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Practice Question 15
What is depreciation?

A cash accumulation approach
An adjustment to market value over time
A valuation approach
A cost allocation method

Practice Question 22
Cuso Company purchased equipment on January 1, 2016, at a total invoice cost of $400,000. The equipment has an estimated salvage value of $10,000 and an estimated useful life of 5 years. What is the amount of accumulated depreciation at December 31, 2017, if the straight-line method of depreciation is used?

$80,000
$78,000
$160,000
$156,000

Practice Question 29
When there is a change in estimated depreciation

current and future years’ depreciation should be revised.
only future years’ depreciation should be revised.
new plant assets should be acquired to replace the old.
previous depreciation should be corrected.

Practice Question 36
On June 1, 2017, Brislin Company sold some equipment for $22,000. The original cost was $80,000, the estimated salvage value was $8,000, and the expected useful life was 8 years. The equipment was fully depreciated. How much is the gain or loss on the sale?

$850 loss
$5,400 gain
$50,000 loss
$14,000 gain

Practice Question 44

Given the following account balances at year end, how much is amortization expense on Anisha Enterprises income statement for the current year if Anisha thinks all of its intangibles should be amortized over ten years?

Sales revenue $45,000,000
Patents $1,500,000
Accounts receivable $4,000,000
Land $15,000,000
Equipment $25,000,000
Copyrights $1,000,000
Goodwill $4,500,000
Research & development $2,000,000

$250,000
Some other answer
$700,000
$900,000

Practice Question 51
Walk Co’s average total assets are $200,000, net sales total to $100,000, and net income is $40,000. How much net income did Walk Co generate for each dollar of assets invested?

$0.20
$2.00
$5.00
$0.50

Practice Question 58
Schneider Trucking Inc. purchased a new semi-truck on January 1, 2016 for $200,000. Its useful life is expected to be 4 years and its salvage value is estimated at $25,000. What is the depreciation for 2017 using the declining-balance method at double the straight-line rate?

$50,000
$87,500
$43,750
$100,000

Course: ACC291 Principles Of Accounting II
School: University of Phoenix

  • : 28/01/2018
  • : 2

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