A) should be treated like most other intangible assets and amortized over a useful life of not more than 40 years. B) is an accounting measurement of how well a company's employees behave towards the company's customers. C) should be recorded as a negative value if a company is purchased for less than the net carrying value of its assets. D) is recorded when the purchasers of a business pay more than the fair market value of the assets purchased. A) should be treated like most other intangible assets and amortized over a useful life of not more than 40 years. B) is an accounting measurement of how well a company's employees behave towards the company's customers. C) should be recorded as a negative value if a company is purchased for less than the net carrying value of its assets. D) is recorded when the purchasers of a business pay more than the fair market value of the assets purchased.

Exam 9: Long-Lived Tangible and Intangible Assets

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A declining fixed asset turnover ratio can actually be caused by acquiring additional assets in the current period in preparation for greater future sales.

(True/False)

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Question 121

Your company pays $620,000 for a patent that has 10 years remaining.After two years,the company sells the patent for $500,000.The company should report:

(Multiple Choice)

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Question 122

A company paid $17,000 for a vehicle that had an estimated useful life of 4 years,total capacity of 100,000 miles,and a residual value of $1,000.After 2 full years of using the vehicle (20,000 miles in year 1 and 27,000 miles in year 2),the company sold the vehicle for $6,000 and reported a loss on disposal of $3,480.What method of depreciation did the company use?

(Multiple Choice)

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Question 123

Goodwill:

(Multiple Choice)

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Question 124

A company bought a piece of equipment for $40,000,expecting to use it for eight years.The company then plans to sell it for $3,500.The company has already recorded depreciation of $35,995.Using the double-declining-balance method,the company's annual depreciation expense for the upcoming year would be:

(Multiple Choice)

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Question 125

Under ASPE and IFRS,changes in accounting estimates and depreciation methods should be made $\bold{\text{only when}}$ a new estimate or accounting method "better measures" the periodic income of the business.

(True/False)

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Question 126

All of the following costs should be capitalized when buildings are acquired,except,

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Question 127

Showing 121 - 127 of 127

A declining fixed asset turnover ratio can actually be caused by acquiring additional assets in the current period in preparation for greater future sales.

Your company pays $620,000 for a patent that has 10 years remaining.After two years,the company sells the patent for $500,000.The company should report:

Goodwill:

Under ASPE and IFRS,changes in accounting estimates and depreciation methods should be made $\bold{\text{only when}}$ a new estimate or accounting method "better measures" the periodic income of the business.

All of the following costs should be capitalized when buildings are acquired,except,

Business Decisions and Financial Accounting

The Balance Sheet

The Income Statement

Adjustments, financial Statements, and Financial Results

Fraud, internal Control, and Cash

Merchandising Operations and the Multi-Step Income Statement

Inventory and Cost of Goods Sold

Receivables, bad Debt Expense, and Interest Revenue

Liabilities

Shareholders Equity

Statement of Cash Flows

Measuring and Evaluating Financial Performance

Filters

Exam 9: Long-Lived Tangible and Intangible Assets

A declining fixed asset turnover ratio can actually be caused by acquiring additional assets in the current period in preparation for greater future sales.

Your company pays $620,000 for a patent that has 10 years remaining.After two years,the company sells the patent for $500,000.The company should report:

Goodwill:

Under ASPE and IFRS,changes in accounting estimates and depreciation methods should be made only when\bold{\text{only when}}only when a new estimate or accounting method "better measures" the periodic income of the business.

All of the following costs should be capitalized when buildings are acquired,except,

Business Decisions and Financial Accounting

The Balance Sheet

The Income Statement

Adjustments, financial Statements, and Financial Results

Fraud, internal Control, and Cash

Merchandising Operations and the Multi-Step Income Statement

Inventory and Cost of Goods Sold

Receivables, bad Debt Expense, and Interest Revenue

Liabilities

Shareholders Equity

Statement of Cash Flows

Measuring and Evaluating Financial Performance

Filters

Under ASPE and IFRS,changes in accounting estimates and depreciation methods should be made $\bold{\text{only when}}$ a new estimate or accounting method "better measures" the periodic income of the business.