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ACCT 305 Week 3 Quiz

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ACCT 305 Week 3 Quiz

Question :

(TCO 4) In the first year of an asset’s life, which of the following methods has the largest depreciation?

	Student Answer:		Straight-line.
			Double-Declining balance.
			Sum-of-the-years’ digits.
			Composite or group.

Question :

(TCO 4) Amortization refers to the cost allocation for:

	Student Answer:		A patent.
			A building.
			Land.
			A silver mine.

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Question :

(TCO 4) The depreciable base for an asset is:

	Student Answer:		Its service life.
			The excess of its cost over residual value.
			The difference between its replacement value and cost.
			The amount allowable under MACRS.

Question :

(TCO 4) Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a five-year life and a residual value of $6,000.
Using the straight-line method, depreciation for 2011 would be:

	Student Answer:		$13,200.
			$14,400.
			$72,000.
			None of the above is correct.

Question :

(TCO 4) A change in the estimated useful life and residual value of machinery in the current year is handled as:

	Student Answer:		A retrospective change back to the date of acquisition as though the current estimated life and residual value had been used all along.
			A prospective change from the current year through the remainder of its useful life, using the new estimates.
			A cumulative adjustment to income in the current year for the difference in depreciation under the new vs. old estimates.
			None of the above is correct.

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ACCT 305 Week 3 Quiz

ACCT 305 Week 3 Quiz

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