Chapter 10 Plant Assets

Chapter 10 Plant Assets

11th - 12th Grade

10 Qs

quiz-placeholder

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Chapter 10 Plant Assets

Chapter 10 Plant Assets

Assessment

Quiz

Life Skills

11th - 12th Grade

Medium

Created by

Stephani Olson

Used 101+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Plant assets are used in operations and have useful lives that extend over more than one accounting period.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If land is purchased as a building site, the cost of removing existing structures is not charged to the Land account.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Total asset cost plus depreciation expense equals book value.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The double-declining balance method is applied by (1) computing the asset's straight-line depreciation rate, (2) doubling it, (3) subtracting salvage value from cost, and (4) multiplying the rate times the net value.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Depreciation:

Is applied to land

Measures the decline in market value of an asset

Measures physical deterioration of an asset

Is the process of allocating the cost of a plant asset to expense.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Salvage value is:

A factor relevant to determining depreciation under MACRS.

An estimate of the asset's value at the end of its benefit period.

A factor relevant to determining depreciation that cannot be revised during an asset's useful life.

Not a factor relevant to determining depletion.

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