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1. Which of the following statements is correct concerning ...
1. Which of the following statements is correct concerning investing activities?
they involve obtaining and managing financial resources
they use financial resources to acquire items to sell in the normal course of activities
they use financial resources to acquire assets a company needs to produce and sell its products
they involve buying and selling a company's own stock
2. The term "current assets" is usually used to refer to assets that
the organization currently owns
are owed to creditors and will be distributed during the coming fiscal period
are expected to be converted to cash or consumed (used up) during the coming fiscal year
are currently used in operating the company
3. Investments in tangible assets by a company that are intended to be used in the future to manufacture and/or sell products are recorded in the books as
investments in financial securities
property, plant and equipment
patents, copyrights, trademarks and goodwill
none of the above
4. Which of the following would NOT be included in property, plant, and equipment?
5. Which statement below is true about a company's operating cycle?
it may not exceed one year
it may not be less than a year
it may be longer than a year
it is always one year
6. Long-term assets are defined as
assets that extend benefits beyond the coming fiscal year or operating cycle
only tangible assets that extend benefits beyond the coming year or operating cycle, whichever is longer
assets that are depreciated for a maximum of 40 years
assets that extend no future benefits to a company
7. Which of the following is NOT an intangible asset?
8. Which depreciation method allocates a larger portion of the cost of a plant asset to expense early in the asset's life?
9. Which of the following statements about depreciation methods is true?
firms must use the same depreciation methods for tax and financial reporting purposes
firms cannot use the same depreciation methods for tax and financial reporting purposes
firms usually use the same depreciation methods for tax and financial reporting purposes
firms seldom use the same depreciation methods for tax and financial reporting purposes
10. The book value of plant assets
are the cost of the assets less accumulated depreciation
is an indicator of the market value of the assets
are the cost of assets less residual value
always less than market value
11. Which of the following are included as part of the cost of plant assets?
amount paid for the asset only
the cost of site preparation and installation of the asset only
construction costs to make assets usable
all of the above are included as part of the cost of plant assets
12. Which of the following assets would NOT be depreciated?
a factory building
parking lot constructed for employees
land that was purchased for a future building site
equipment used to produce products
13. How is the depreciation process consistent with the matching principle?
the accumulated depreciation account is matched with the plant asset account on the balance sheet
the cost of consuming plant assets is matched with the periods that benefit from using the assets
the book value of the asset is matched with the current market value of the asset
the depreciation method used is matched with the expected productivity of the asset
Acme Products Company purchased new depreciable equipment as follows:
Estimated useful life 4 years
Estimated total units 72,000
Year 1 18,000
Year 2 12,250
What is the depreciation expense for Year 2 using the units-of-production method of depreciation?
Extreme Manufacturing purchased machinery as follows:
Estimated useful life 5 years
Under the double-declining-balance method, what will depreciation expense be for
16. Assume a building was purchased for $250,000 and used for four of its estimated 10-year life. It has residual value of $50,000 and the straight-line method is used for depreciating the building. The book value of the building after the four years' of usage would be reported on the balance sheet at
17. When a plant asset is sold, the gain or loss on disposal is computed as the difference between
fair market value and accumulated depreciation
selling price and accumulated depreciation
fair market value and selling price
selling price and book value
18. Cash received from the sale of long-term assets is reported as
an operating activity
a financing activity
an adjustment to stockholders' equity
an investing activity
19. Held-to-maturity securities are reported on the balance sheet at
20. The excess of the purchase price of a company over the fair market value of its net assets is known as
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