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ACCT 304 ACCT304 Week 4 Midterm with Answers


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ACCT 304 Week 4 Midterm with Answers

  1. Property, plant, and equipment and intangible assets are
  2. (TCO 3) Our company exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming the exchange lacks commercial substance, which amount is correct?
  3. (TCO 2) The exclusive right to benefit from a creative work, such as a film, is a
  4. (TCO 4) The overriding principle for all depreciation methods is that the method must be
  5. (TCO 4) On September 30, 2013, our company purchased a machine for $100,000. The estimated service life is 10 years, with a $10,000 residual value. Our company records partial-year depreciation based on the number of months in service. Depreciation for 2013, using double-declining balance, would be
  6. (TCO 4) A change from the straight-line method to the sum-of-years'-digits method of depreciation is handled as
  7. (TCO 5) Fair value and appreciation of the investee are not as relevant for investments in which of the following categories?
  8. (TCO 5) Consolidated financial statements are prepared when one company has
  9. (TCO 4) Interest is not capitalized for
  10. (TCO 2) Goodwill is
  11. (TCO 4) Depreciation, depletion, and amortization
  12. (TCO 5) Which of the following types of securities only includes debt securities?
  13. (TCO 1) The capitalized cost of equipment excludes
  14. (TCO 3) When selling property, plant, and equipment for cash
  15. (TCO 2) Research and development (R & D) costs
  16. (TCO 4) The depreciable base for an asset is
  17. (TCO 5) Trading securities are most commonly found with
  18. (TCO 5) All investments in debt and equity securities that don't fit the definitions of the other reporting categories are classified as
  19. (TCO 5) If Company 1 exercises significant influence over Company 2 and owns 38% of its common stock, then Company 1
  20. (TCO 2) Please explain how software development costs are treated. How is this different from other types of R & D?
  21. (TCO 4) How is a change in depreciation method accounted for?
  22. (TCO 1) What are the costs that are included in the purchase of equipment? What costs would be excluded?

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