29 Jun Question A lump-sum purchase or basket purchase involves paying a sin
Question
A lump-sum purchase or basket purchase involves paying a single price for several assets as a group.
True or False
The double-declining-balance method is an accelerated method of depreciation.
True or False
The gain or loss on the sale of a plant asset is determined by comparing:
sale value and original cost.
sale value and book value.
sale value and residual value.
book value and residual value.
A company purchased a computer on July 1, 2015 for $50,000. Estimated useful life of the computer was 5 years and it has no residual value. Which of the following methods should be used to best match its expense against the revenue it produces?
the straight-line method
the first-in, first-out method
the units-of-production method
the double-declining-balance method
When a plant asset is sold for a price lower than its book value, there will be a gain.
True or False
Which of the following accounting principles requires businesses to record depreciation?
the matching principle
the going concern principle
the cost principle
the revenue recognition principle
Which of the following is included in the cost of a plant asset?
amounts paid to make the asset ready for its intended use
replacement of damaged parts of the asset
regular repair and maintenance cost
wages of workers who work with the asset
Iverycoast Inc. purchased a van on January 1, 2015, for $800,000. Estimated life of the van was 5 years, and its estimated residual value was $90,000. Iverycoast uses the straight-line method of depreciation. At the beginning of 2017, the company revised the total estimated life of the asset from 5 years to 4 years. The estimated residual value remained the same as estimated earlier. Calculate the depreciation expense for the year 2017.
$250,000
$220,000
$213,000
$145,000
Which of the following is true of asset turnover ratio?
It measures how efficiently a business uses its sales to finance the assets.
It measures how the ending inventory helps in increasing the value of assets.
It measures how efficiently a business uses its net profit to finance the assets.
It measures how efficiently a business uses its average total assets to generate sales.
Which of the following is an expense resulting from decline in the utility of a natural resour
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