Accounting 10 multiple choice quiz + leadership 10 question multiple

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ACCOUNTING

Question 1 (1 point)

Total depreciation expense over an asset’s useful life will be identical under all methods of depreciation.

Question 2 (1 point)

The first step in accounting for an asset disposal is to calculate the gain or loss on disposal.

Question 3 (1 point)

The cost of land can include ______.

purchase price

costs of removing existing structures

fees for insuring the title

all of these costs are included in land

Question 4 (1 point)

A total asset turnover ratio of 3.5 indicates that ______.

for every $1.00 in sales, the firm acquired $3.50 in assets during the period

for every $1.00 in assets, the firm produced $3.50 in net sales during the period

for every $1.00 in assets, the firm earned a gross profit of $3.50 during the period

for every $1.00 in assets, the firm earned $3.50 in net income

Question 5 (1 point)

Lomax Enterprises purchased a depreciable asset for $22,000 on March 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset’s salvage value is $2,000, Lomax Enterprises should recognize the depreciation expense in Year 2 in the amount of ______.

$19,166.67

$5,000.00

$20,000.00

$4,166.67

Question 6 (1 point)

Land improvements are ______.

assets that increase the usefulness of land, and like land, are not depreciated

assets that increase the usefulness of land, but have a limited useful life and are subject to depreciation

included in the cost of the land account

expensed in the period incurred
 
 

Question 7 (1 point)

An asset’s book value is $18,000 on June 30, Year 6. The asset is being depreciated at an annual rate of $3,000 on the straight-line method. Assuming the asset is sold on December 31, Year 7 for $15,000, the company should record _____.

a loss on sale of $1,500

a gain on sale of $1,500

a gain on sale of $3,000

a loss on sale of $3,000

Question 8 (1 point)

A company used straight-line depreciation for an item of equipment that cost $12,000, had a salvage value of $2,000, and had a five-year useful life. After depreciating the asset for three complete years, the salvage value was reduced to $1,200, and its total useful life was increased from five years to six years. Determine the amount of depreciation to be charged against the machine during each of the remaining years of its useful life.

Question 9 (1 point)

Big River Rafting pays $310,000, plus $15,000 in closing costs, to buy out a competitor. The real estate consists of land appraised at $105,000, a building appraised at $210,000, and equipment appraised at $35,000. Compute the cost that should be allocated to the land.

$93,000

$32,500

$195,000

$97,500

Question 10 (1 point)

Revising an estimate of the useful life or salvage value of a plant asset is referred to as a change in accounting estimate, and is reflected in the past, current, and future financial statements.

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