A) 9%
B) 10%
C) 18%
D) 20%
Correct Answer
verified
Multiple Choice
A) $100,000 loss on sale.
B) $40,000 gain on sale.
C) $40,000 loss on sale.
D) $25,000 loss on sale.
Correct Answer
verified
Multiple Choice
A) $0.
B) $20,000.
C) $40,000.
D) $120,000.
Correct Answer
verified
Multiple Choice
A) Straight-line.
B) Units-of-production.
C) Double-declining balance.
D) MACRS.
Correct Answer
verified
Multiple Choice
A) Raises expenses and lowers both revenue and net income.
B) Lowers assets,stockholders' equity,and net income.
C) Raises expenses and lowers net income with no effect on any other items.
D) Raises liabilities and lowers stockholders' equity.
Correct Answer
verified
Multiple Choice
A) a loss of $1,000 would be recorded.
B) a gain of $1,000 would be recorded.
C) a loss of $17,000 would be recorded.
D) a gain of $23,000 would be recordeD.
Correct Answer
verified
Multiple Choice
A) Carrying value.
B) Cost - accumulated depreciation.
C) Unused cost.
D) Market value.
Correct Answer
verified
Multiple Choice
A) $9,600.
B) $12,000.
C) $4,800.
D) $24,000.
Correct Answer
verified
Multiple Choice
A) $21,600
B) $22,000
C) $22,400
D) $34,000
Correct Answer
verified
Multiple Choice
A) $6,875.
B) $4,400.
C) $4,125
D) $1,650.
Correct Answer
verified
Multiple Choice
A) takes book value below residual value.
B) does not consider the useful life of the asset in the calculation of depreciation.
C) cannot be used for tax purposes.
D) uses book value instead of depreciable cost in the calculation of depreciation.
Correct Answer
verified
True/False
Correct Answer
verified
Multiple Choice
A) $52,800.
B) $57,600.
C) $53,000
D) $55,200.
Correct Answer
verified
Multiple Choice
A) is not amortized,but is tested annually for impairment.
B) is amortized using the straight-line method.
C) is amortized using the units-of-production method.
D) is not amortized and is not tested for impairment.
Correct Answer
verified
Multiple Choice
A) $1,001.
B) $9,125.
C) $505.
D) $10,000.
Correct Answer
verified
Multiple Choice
A) $1,333.
B) $1,000
C) $4,000.
D) $1,533.
Correct Answer
verified
Multiple Choice
A) net income - interest expense - income taxes - depreciation expense - amortization expense.
B) net income + interest expense + income taxes + depreciation expense + amortization expense.
C) operating income - interest expense - income taxes.
D) operating income + depreciation expense + amortization expense.
Correct Answer
verified
Multiple Choice
A) are part of the asset cost of equipment and facilities.
B) are recorded as expenses when the dollar amount is material.
C) are always recorded as liabilities.
D) improve the asset beyond the current accounting period.
Correct Answer
verified
Multiple Choice
A) Depreciation allocates the cost of tangible assets over their useful lives.
B) Depreciation allocates the cost of intangible assets over their useful lives.
C) Amortization allocates the cost of tangible assets over their useful lives.
D) The term "depreciation" relates to all long-lived assets whereas "amortization" relates only to intangible assets.
Correct Answer
verified
Multiple Choice
A) in the Operating Revenues section of the income statement.
B) in the Operating Expenses section of the income statement.
C) as a direct increase to the asset account on the balance sheet.
D) as a direct decrease to the asset account on the balance sheet.
Correct Answer
verified
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