Chapter 10 - PPE, Goodwill and Intangible Assets

Chapter 10 - PPE, Goodwill and Intangible Assets

University

40 Qs

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Chapter 10 - PPE, Goodwill and Intangible Assets

Chapter 10 - PPE, Goodwill and Intangible Assets

Assessment

Quiz

Business

University

Practice Problem

Easy

Created by

Ndinanake Udom

Used 1+ times

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40 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not a characteristic of Property, Plant, and Equipment (PPE)?

Held for use in the business

Used in the operation of the business to help create revenue

Intended for sale as inventory

Relatively expensive

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

According to the cost principle of measurement, how should a business carry an asset on the balance sheet?

At its estimated market value

At its cost or the amount paid for the asset

At its depreciated value

At its replacement cost

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Grace is calculating the cost of a piece of land. Which of the following would she not include in the cost of the land?

A. Purchase price

B. Brokerage commission

C. Cost of a new fence around the property

D. Cost for demolishing an unwanted building on the land

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Land improvements are distinct from land because:

They are typically less expensive than land.

They are subject to amortization.

They do not wear out.

They are not considered long-term assets.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Lucas purchased a building and incurred several costs. Which of the following costs would be included in the cost of the building?

Property taxes in arrears

Architectural fees

Cost of demolishing an old building

Landscaping costs

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Kate is setting up a new factory and needs to record the cost of new machinery. Which of these expenses should be capitalized as part of the machinery's cost?

Routine maintenance after installation

Provincial sales tax (PST) on the purchase

Insurance after the asset is in use

Installation costs

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Umit is leasing an office space and makes several alterations, such as painting and installing special equipment. These alterations are called:

Repairs and maintenance

Rent expense

Leasehold improvements

Capital cost allowance

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