Question 1

The first step in recording a disposal transaction is to figure the gain or loss on the disposal.

Accepted Answer

A) True 
 B)False

Question 2

Subtracting accumulated depletion from the asset account coal mine would yield the:

Accepted Answer

A) current market value of the coal mine. 
B) original cost of the coal mine. 
C) net book value of the coal mine. 
D) current period's depletion expense for the coal mine. 
A) current market value of the coal mine. 
B) original cost of the coal mine. 
C) net book value of the coal mine. 
D) current period's depletion expense for the coal mine.

Question 3

A company purchased a computer system on March 1.Its cost was $35,000 and it had an estimated salvage value of $5,000.It was expected to have a useful life of four years.To the nearest dollar,the depreciation for year 2 using straight-line depreciation will be:

Accepted Answer

A) $8,750. 
B) $7,500. 
C) $6,250. 
D) $5,625. 
A) $8,750. 
B) $7,500. 
C) $6,250. 
D) $5,625.

Question 4

Securities that are actively managed in order to maximize profit as a result of short-term changes in price are:

Accepted Answer

A) trading securities. 
B) available-for sale securities. 
C) held-to-maturity securities. 
D) trading and held-to-maturity securities. 
A) trading securities. 
B) available-for sale securities. 
C) held-to-maturity securities. 
D) trading and held-to-maturity securities.

Question 5

Depreciation is a process of valuation of an asset.

Accepted Answer

A) True 
 B)False

Question 6

Interest and dividends earned during the period are reported on the Income Statement for which kind of marketable securities?

Accepted Answer

A) Trading securities 
B) Available-for-sale securities 
C) Held-to-maturity securities 
D) All types of securities show interest and dividend income on the Income Statement. 
A) Trading securities 
B) Available-for-sale securities 
C) Held-to-maturity securities 
D) All types of securities show interest and dividend income on the Income Statement.

Question 7

The Indianapolis Colts and Seattle Seahawks are examples of:

Accepted Answer

A) copyrighted teams. 
B) trademarked teams. 
C) franchised teams. 
D) patented teams. 
A) copyrighted teams. 
B) trademarked teams. 
C) franchised teams. 
D) patented teams.

Question 8

Costs of testing machinery or equipment before they are used would be included in the price of the machinery or the equipment.

Accepted Answer

A) True 
 B)False

Question 9

The process of allocating the cost of natural resources to an expense is called depletion.

Accepted Answer

A) True 
 B)False

The first step in recording a disposal transaction is to figure the gain or loss on the disposal.

Subtracting accumulated depletion from the asset account coal mine would yield the:

A company purchased a computer system on March 1.Its cost was $35,000 and it had an estimated salvage value of $5,000.It was expected to have a useful life of four years.To the nearest dollar,the depreciation for year 2 using straight-line depreciation will be:

Securities that are actively managed in order to maximize profit as a result of short-term changes in price are:

Depreciation is a process of valuation of an asset.

Interest and dividends earned during the period are reported on the Income Statement for which kind of marketable securities?

The Indianapolis Colts and Seattle Seahawks are examples of:

Costs of testing machinery or equipment before they are used would be included in the price of the machinery or the equipment.

The process of allocating the cost of natural resources to an expense is called depletion.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

The Challenges of Accounting: Standards, internal Control, audits, fraud, and Ethics

Cash and Receivables

Current Liabilities and Long-Term Debt

Corporations: Paid-In Capital and Retained Earnings

The Statement of Cash Flows

Financial Statement Analysis

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Exam 8: Long-Term and Other Assets

The first step in recording a disposal transaction is to figure the gain or loss on the disposal.

Subtracting accumulated depletion from the asset account coal mine would yield the:

A company purchased a computer system on March 1.Its cost was $35,000 and it had an estimated salvage value of $5,000.It was expected to have a useful life of four years.To the nearest dollar,the depreciation for year 2 using straight-line depreciation will be:

Securities that are actively managed in order to maximize profit as a result of short-term changes in price are:

Depreciation is a process of valuation of an asset.

Interest and dividends earned during the period are reported on the Income Statement for which kind of marketable securities?

The Indianapolis Colts and Seattle Seahawks are examples of:

Costs of testing machinery or equipment before they are used would be included in the price of the machinery or the equipment.

The process of allocating the cost of natural resources to an expense is called depletion.

Business, Accounting, and You

Analyzing and Recording Business Transactions

Adjusting and Closing Entries

Accounting for a Merchandising Business

Inventory

The Challenges of Accounting: Standards, internal Control, audits, fraud, and Ethics

Cash and Receivables

Current Liabilities and Long-Term Debt

Corporations: Paid-In Capital and Retained Earnings

The Statement of Cash Flows

Financial Statement Analysis

Filters