Chapter 10 Plant Assets
Quiz
•
Life Skills
•
11th - 12th Grade
•
Medium
Stephani Olson
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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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