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WGU FNC1 Chpt 9

FNC1 Chpt 9 Practice Questions

QuestionAnswer
Which cost is NOT recorded as part of the cost of a building Annual building maintenance
British Tran bought four used Unlimited Airline airplanes. Each plan worth $39 million, but the owner sold the combination for $144 million. How much is British Tran's cost of each plan? $36 million
How should you record a capital expenditure? Debit capital
Which method almost always produces the most depreciation in the first year? Double-declining-balance
U-Airlines jet cost $42 mil. It's expected to fly 370 mil miles during its 8-year life. Residual value is expected to be zero, the plane was used when acquired. If the plane travels 39 mil. miles the 1st year, how much is the depreciation under UP method. 4.43 million
Which depreciation method would you generally prefer to use for income tax purpose? Why> Double-declining-balance because it gives the fastest tax deductions for depreciation.
A copy machine cos $43,000 when new and has accumulated depreciation of $28,000. Suppose Johnson Printing junks this machine, receiving nothing. What is the result of the disposal transaction? Loss of $15,000
A copy machine cos $43,000 when new and has accumulated depreciation of $28,000. Suppose Johnson Printing sells this machine for $15,000? no gain or loss
Which method is used to compute depletion? Units-of-Production method
Which intangible asset is recorded only as part of the acquisition of another company? Goodwill
Which of the following is NOT a plant asset Copyright
The cost of a building would NOT include: Clearing and grading the land prior to construction of the building
500 acres of land are purchased for $130,000. Additional cost include $5,000 commission, $10,000 for removal of an old building, $6,000 for paving, and an $800 survey fee. What is the cost of the land? $145,800
Which of the following expenditures would be debited to an expense account? Replacement of tires
What is the effect of treating a revenue expenditure as a capital expenditure? Overstates assets and overstates owners' equity
What type of account it Accumulated depreciation? A contra asset account
When the amount of use of a plant asset varies from year to year, which method of determining depreciation best matches reeves and expenses? Units-of-production method
Which depreciation method generally results in the greatest depreciation expense in the first full year of an asset's life? Double-declining-balance method
Created by: 100003967420193