A characteristic of a resolved asset is that it is a. Intangible b. Supplied in the operations of a organization c. Hosted for revenue in the ordinary course of the organization d. None of the above


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Land obtained so it can be resold in the future is noted in the balance sheet as a(n) a. Solved asset b. Present asset c. Investment d. Intangible asset
Which the the adhering to should be included in the acquisition expense of a piece of equipment? a. Transportation costs b. Installation expenses c. Testing expenses prior come placing the equipment into production d. Every one of the above
Which of the following is contained in the expense of creating a building? a. Insurance expenses during building b. Expense of paving parking many c. Cost of repairing vandalism damage during building and construction d. Price of remove the demolished structure existing top top the land as soon as it was purchased
Which the the complying with is included in the price of land? a. Expense of paving a parking lot of b. Brokerage board of directors c. Out parking lot light attached to the soil d. Fences on the land
Factors contributing to a decline in the usefulness the a resolved asset may be divided into the complying with two category a. Salvage and functional b. Physical and functional c. Residual and also salvage d. Functional and residual
Accumulated Depreciation a. Is supplied to display the amount of cost expiration the intangibles b. Is the very same as Depreciation expense c. Is a contra legacy account d. Is offered to display the lot of cost expiration of organic resources
A new maker with a acquisition price the $94,000, with transportation prices of $8,000, installation prices of $6,000, and also special salvation fees that $2,000, would have actually a cost basis the a. $ 96,000 b. $108,000 c. $102,000 d. $110,000
A solved asset"s estimated value at the time it is to it is in retired from organization is dubbed a. Book value b. Residual worth c. Industry value d. Delivering value
All of the following listed below are necessary for the calculation of depreciation except a. Expense b. Residual value c. Estimated life d. Book value
The method of identify depreciation that yields successive reductions in the periodic depreciation fee over the estimated life that the heritage is a. Units-of-production b. Declining-balance c. Straight-line d. Time-valuation
When the amount of use of a addressed asset different from year come year, the method of determining depreciation price that best matches allocation of price with revenue is a. Declining-balance b. Straight-line c. Units-of-production d. MACRS
The many widely used depreciation technique is a. Straight-line b. Sum-of-the-years-digits c. Declining-balance d. Units-of-production
The depreciation technique that does not use residual value in calculating the first year"s depreciation cost is a. Straight-line b. Units-of-production c. Declining-balance d. No one of the above
The expenses incurred because that property, plant and equipment deserve to be classified into 4 stages. I m sorry item below is not one of those stages? a. In-service stage b. Preliminary stage c. Preacquisition phase d. Use stage
Expenditures that add to the energy of solved assets for much more than one accounting period are a. Committed expenditures b. Revenue expenditures c. Present expenditures d. Funding expenditures
A resources expenditure results in a debit come a. An cost account b. A funding account c. A legal responsibility account d. An legacy account
Which the the following listed below is an instance of a funding expenditure? a. Clean the carpet in the former room b. Tune-up for a company truck c. Instead of an engine in a agency car d. Replacing all burned-out irradiate bulbs in the factory
In acquiring prices for property, plant and also equipment, which stage below is associated with revenue expenditures? a. Acquisition phase b. In-service stage c. Preliminary phase d. Preacquisition stage
When a agency replaces a ingredient of property, plant and equipment, which statement listed below does not account for among the actions to this process? a. Book value the the changed component is created off come depreciation cost b. The asset cost of the changed component is credited c. Any kind of cost to remove the old component is fee to cost d. The identifiable direct costs connected with the brand-new component room capitalized
When a firm discards machinery the is completely depreciated, this transaction would be tape-recorded with the complying with entry a. Debit accumulated Depreciation; credit Machinery b. Debit Machinery; credit gathered Depreciation c. Debit Cash; credit collected Depreciation d. Debit Depreciation Expense; credit accumulated Depreciation
When a agency sells machinery at a price same to its publication value, this transaction would certainly be tape-recorded with an entry the would encompass the following: a. Debit Cash and accumulated Depreciation; credit transaction Machinery b. Debit Machinery; credit transaction Cash and collected Depreciation c. Debit Cash and Machinery; credit gathered Depreciation d. Debit Cash and Depreciation Expense; credit gathered Depreciation
When a company exchanges machinery and receives a trade-in allowance greater than the book value, this transaction would be recorded with the following entry: a. Debit machinery and built up Depreciation; credit Machinery, Cash, and also Gain on handle b. Debit machinery and accumulated Depreciation; credit Machinery and Cash c. Debit Cash and also Machinery; credit built up Depreciation d. Debit Cash and also Machinery; credit built up Depreciation and Machinery
When a firm exchanges machinery and also receives a trade-in allowance less than the publication value, this transaction would certainly be videotaped with the following entry: a. Debit machinery and accumulated Depreciation; credit Machinery and Cash b. Debit Cash and Machinery; credit gathered Depreciation c. Debit Cash and also Machinery; credit gathered Depreciation and Machinery d. Debit Machinery, gathered Depreciation, and also Loss top top Disposal; credit transaction Machinery and also Cash
In a lease contract, the party that legally own the heritage is the a. Lessee b. Lessor c. Operator d. Banker
All leases are classified as either a. Funding leases or long-term leases b. Resources leases or operation leasesc. Operating leases or present leases d. Permanent leases or existing leases
The journal entry because that recording an operating lease payment would a. Be a memo entry just b. Debit the solved asset and also credit Cash c. Debit one expense and also credit Cash d. Debit a liability and credit Cash
Which among the complying with is no an internal manage procedure for addressed assets? a. Limiting accessibility to computer systems b. Allowing the single user that an asset to identify when that is time to dispose of it c. Requiring competitive bids for asset purchase d. To buy assets only from authorized vendors
The accumulated depletion account is a. An cost account b. An intangible asset account c. Report on the income statement as other price d. Reported on the balance sheet together a deduction native the expense of the mineral deposit
The procedure of transferring the cost of steel ores and also other minerals eliminated from the earth to an price account is dubbed a. Depletion b. Deferral c. Amortization d. Depreciation
Expenditures for study and breakthrough are normally recorded together a. Present operating costs b. Assets and also amortized over their estimated useful life c. Assets and also amortized over 40 years d. Current assets
The term applied to the lot of cost to carry to expense resulting native a decline in the energy of intangible legacy is a. Amortization b. Depletion c. Depreciation d. Allocation
Which intangible assets room amortized end their helpful life? a. Trademarks b. Goodwill c. Patents d. All of the above
Fixed assets room ordinarily presented in the balance paper a. At present market values b. In ~ replacement expenses c. At cost less built up depreciation d. In a different section along with intangible assets
All things being equal except the proportion of addressed assets to long-term liabilities, a lender would prefer to lend to a agency whose proportion is a. 1.0 b. 2.0 c. 3.0 d. 3.5
In a typical arm"s-length service transaction, permanent liabilities are regularly secured by a. Fixed assets b. Signature that the chief executive officer c. Accounts receivable d. Bond payable
Which the the complying with ratios gives a solvency measure that reflects the margin of safety of noteholders or bondholders and additionally gives one indication the the potential capacity of the company to borrow added funds on a irreversible basis? a. Ratio of net sales come assets b. Ratio of solved assets to irreversible liabilities c. Number of days" sales in receivables d. Rate earned top top owners" equity
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Intermediate Accounting, Binder all set Version16th EditionDonald E. Kieso, Jerry J. Weygandt, terrycloth D. Warfield


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