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Test Tomorrow Have you got your assignments turned in?

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Presentation on theme: "Test Tomorrow Have you got your assignments turned in?"— Presentation transcript:

1 Test Tomorrow Have you got your assignments turned in?
Chapter 10 Review Test Tomorrow Have you got your assignments turned in?

2 REVIEW QUESTION 1 Which of the depreciation methods writes off more depreciation near the start of an asset’s than in later years? Units of Production Double Declining balance Straight line All of the above

3 REVIEW QUESTION 1 Which of the depreciation methods writes off more depreciation near the start of an asset’s than in later years? Units of Production Double Declining balance Straight line All of the above

4 REVIEW QUESTION 2 Which of the depreciation methods allocates an equal amount of depreciation to each year? Units of Production Double Declining balance Straight line All of the above

5 REVIEW QUESTION 2 Which of the depreciation methods allocates an equal amount of depreciation to each year? Units of Production Double Declining balance Straight line All of the above

6 REVIEW QUESTION 3 Which of the depreciation methods does NOT use a residual method in the first year? Units of Production Double Declining balance Straight line All of the above

7 REVIEW QUESTION 3 Which of the depreciation methods does NOT use a residual method in the first year? Units of Production Double Declining balance Straight line All of the above

8 REVIEW QUESTION 4 Which of the accounting methods is used to compute amortization? Units of Production Double Declining balance Straight line All of the above

9 REVIEW QUESTION 4 Which of the accounting methods is used to compute amortization? Units of Production Double Declining balance Straight line All of the above

10 REVIEW QUESTION 5 Which of the accounting methods is used to compute depletion? Units of Production Double Declining balance Straight line All of the above

11 REVIEW QUESTION 5 Which of the accounting methods is used to compute depletion? Units of Production Double Declining balance Straight line All of the above

12 REVIEW QUESTION 5 Which of the depreciation methods allocates a fixed dollar amount per unit of output by an asset? Units of Production Double Declining balance Straight line All of the above

13 REVIEW QUESTION 5 Which of the depreciation methods allocates a fixed dollar amount per unit of output by an asset? Units of Production Double Declining balance Straight line All of the above

14 REVIEW QUESTION 6 Which of the depreciation methods is used MOST by companies for their financial statements? Units of Production Double Declining balance Straight line All of the above

15 REVIEW QUESTION 6 Which of the depreciation methods is used MOST by companies for their financial statements? Units of Production Double Declining balance Straight line All of the above

16 REVIEW QUESTION 7 Which of the depreciation methods is calculated by multiplying the asset’s decreasing book value by a percent that is two times the straight-line rate? Units of Production Double Declining balance Straight line All of the above

17 REVIEW QUESTION 7 Which of the depreciation methods is calculated by multiplying the asset’s decreasing book value by a percent that is two times the straight-line rate? Units of Production Double Declining balance Straight line All of the above

18 REVIEW QUESTION 8 Which of the depreciation methods is preferable for tax purposes? Units of Production Double Declining balance Straight line All of the above

19 REVIEW QUESTION 8 Which of the depreciation methods is preferable for tax purposes? Units of Production Declining balance Straight line All of the above

20 True or False The cost of fencing around a building is included in the cost of the building

21 True or False The cost of fencing around a building is included in the cost of the building FALSE

22 True or False The cost of land includes the cost of removing unwanted buildings

23 True or False The cost of land includes the cost of removing unwanted buildings TRUE

24 True or False Treating a capital expenditure as an expense causes an understatement of net income

25 True or False Treating a capital expenditure as an expense causes an understatement of net income TRUE

26 True or False Estimated salvage value is the expected cash value of an asset at the end of its useful life

27 True or False Estimated salvage value is the expected cash value of an asset at the end of its useful life TRUE

28 True or False A loss on the sale of a plant asset is recorded when the sales price exceeds the book value

29 True or False A loss on the sale of a plant asset is recorded when the sales price exceeds the book value FALSE

30 True or False Tangible assets are assets with no physical form that have value because of the special rights they carry

31 True or False Tangible assets are assets with no physical form that have value because of the special rights they carry FALSE

32 True or False Depletion expense is the portion of a natural resource’s cost used up in a particular period

33 True or False Depletion expense is the portion of a natural resource’s cost used up in a particular period TRUE

34 True or False A patent is an exclusive right to reproduce and sell a book, musical composition, film, other work of art, or computer program, and must be amortized over the useful life of the patent.

35 True or False A patent is an exclusive right to reproduce and sell a book, musical composition, film, other work of art, or computer program, and must be amortized over the useful life of the patent. FALSE

36 True or False If assets are junked before being fully depreciated, there is a loss equal to the book value of the assets.

37 True or False If assets are junked before being fully depreciated, there is a loss equal to the book value of the assets. TRUE

38 True or False You capitalize all costs that provide future benefit

39 True or False You capitalize all costs that provide future benefit TRUE

40 Other terms to look over
Plant assets Salvage value Amortization Depletion Tangible vs. intangible assets Land vs. land improvements Ordinary vs. extra ordinary repairs Copyright, brand names, licenses, patents

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