Which that the adhering to assets groups contains the expense of clearing land and also removing unwanted buildings? A) land B) buildings C) Land improvements D) Machinery and equipment

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Which that the complying with properly describes collected depreciation? A) collected depreciation is a contra-liability account. B) built up depreciation is an expense account. C) built up depreciation is a contra-equity account. D) accumulated depreciation is a contra-asset account
Which cost is not tape-recorded as component of the expense of a building? A. Actual estate commission payment to to buy the building B. Building and construction materials and labor C. Concrete because that the building"s foundation D. Annual building maintenance
Which depreciation method would you generally prefer to use for revenue tax purposes? Why? A. Double-declining-balance, because it offers the most full depreciation end the asset"s life B. Straight-line, due to the fact that it is simplest C. Double-declining-balance, because it offers the fastest taxes deductions because that depreciation D. Units-of-production, because it best tracks the asset"s use
Which an approach almost always produces the many depreciation in the an initial year? A. Units-of-production B. Straight-line C. Double-declining-balance D. All produce the same complete depreciation
How must you document a capital expenditure? A. Debit a liability B. Debit resources C. Debit an expense D. Debit one asset
Which the the complying with items must be depleted? A) Intangible residential or commercial property B) soil C) herbal resources D) Tangible property, plant, and equipment other than land
Which an approach is offered to compute depletion? A. Double-declining-balance technique B. Straight-line technique C. Depletion technique D. Units-of-production method
Which the the adhering to is the proper bookkeeping treatment for study and development costs? A) research study and development costs have to be capitalized and amortized over 70 year or less. B) study and development costs need to be capitalized and also amortized over two decades or less. C) research study and breakthrough costs must be capitalized and expensed yearly to the level that their value has declined. D) research and development costs have to be expensed.



Fundamental Financial audit Concepts9th EditionChristopher Edmonds, Frances M McNair, Philip R. Olds, thomas P. Edmonds

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