ACC 291 Week 2 Practice Quiz
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Practice Question 01
Land improvements are depreciable assets.
Practice Question 05
Which of the following is not a depreciable asset?
Practice Question 10
Expenditures to maintain the operating efficiency and expected productive life of the unit are expensed as incurred.
Practice Question 15
What is depreciation?
|A valuation approach|
|A cash accumulation approach|
|A cost allocation method|
|An adjustment to market value over time|
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?
Practice Question 29
When there is a change in estimated depreciation
|current and future years’ depreciation should be revised.|
|new plant assets should be acquired to replace the old.|
|only future years’ depreciation should be revised.|
|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?
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?
|Research & development||2,000,000|
|Some other answer|
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?
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?