BAC 101 Exam 3 - Guide_2023

Which statement is INCORRECT about subsequent measurement of intangible assets?   Q7 Select one: a. When using the cost model an entity should estimate the estimated useful life as well as the estimated residual value if the asset is determined to have an indefinite useful life b. When using the cost model an entity should estimate the estimated useful life as well as the estimated residual value if the asset is determined to have a definite useful life. c. The same model chosen by an entity should be used for all intangible assets in the same class. d. Intangible assets may be measured using either the cost model or the revalued cost model.

General accounting Question 4 points

QUESTION 17 Match the term on the left to the appropriate description on the right. v Historical cost A. The amount of a PP&E asset's acquisition cost that will be depreciated over the asset's useful life v Depreciable cost B. An asset whose value derives from rights and privileges rather than physical existence v Salvage value v Accumulated depreciation C. The capitalized acquisition cost of an asset v Intangible asset v Amortization D. The process of allocating an intangible asset's acquisition cost to expense over its useful life E. The book value of a fully-depreciated PP&E asset F. The total amount of depreciation expense that has been recorded to-date for a PP&E asset

Question-38 From what base amount is salvage value deducted when calculating depreciation? a) Market value of asset b) Historical cost of asset c) Replacement cost d) Insurance value

1. What are the two main characteristics of intangible assets? 2. Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles? 3. What are the factors to be considered in estimating the useful life of an intangible asset? 4. What is the nature of research and development cost? 5. Indicate the proper accounting form the following items. Organization Cost Advertising Cost Operating Losses

General Accounting mcq

Multiple Choice Questions 1. Long-lived assets include which of the following? a. Tangible assets such as equipment. b. Intangible assets such as patents. c. Natural resources. d. All of the above. 2. Which of the following statement is true? Existence and valuation assertions related to long-lived assets åre usually the most relevant assertions. b. A concern´regarding the existence of long-lived assets relates to whether management has properly recorded depreciation. c. Depletion expense is not an account that would be included when auditing long-lived assets. d. All of the above statements are true. а. 3. Which of the following is not an inherent risk related to long-lived asset. accounts? a. Failing to record asset disposals. b. `Capitalizing repairs and maintenance expense. c. Changing depreciation estimates to manage earnings. d. All of the above. 4. Which of the following risks is an inherent risk related to asset impairment? a. Determining asset impairment is based on management…

Ma ic Calendar My MCBS Library English (en) - Assets acquired in a lump-sum purchase are valued based on: a. Their assessed valuation. b. Their relative fair values. c. The present value of their future cash flows. d. Their cost plus the difference between their cost and fair values.

Which of the following sets represents a false relationship regarding the accounting for the cost of intangibles according to GAAP? Set Category Account for cost by I. Purchased identifiable intangibles Capitalize costs II. Purchased unidentifiable intangibles Capitalize costs III. Internally developed identifiable intangibles Capitalize costs IV. Internally developed unidentifiable intangibles Expense costs Set III Set IV Set II Set I

8. If a FVTPL financial asset is bought, the investment account is Multiple-Choice O A. Debited for the cost of the financial asset NOT including any extra expenditures required in making t he purchase O B. Debited for the cost of the financial asset including any extra expenditures required in making the pu rchase O C. Credited for the cost of the financial asset including any extra expenditures required in making the p urchase D. Credited for the cost of the financial asset NOT including any extra expenditures required in making the purchase

Required: Determine if the fact relates to Tangible Assets, Intangible Assets, both or neither. Can be disposed Can incur ordinary maintenance Can capitalize all related costs to acquire Can utilize the straight-line method to expense Can utilize the units of production method to expense Asset intended for resale Management can decide on the method to expense Needs to be checked for impairment Includes some assets with unlimited lives Can be paid for with Cash Must be expensed at the time of purchase Classified as a productive asset Facts Related cash flows are recorded in the Investing section of the Statement of Cash flows Related cash flows are recorded in the Operating section of the Statement of Cash flows

Question 10 Depreciation is: Oa. the loss in market value of an asset. Ob. the allocation of a long-term asset's cost to an expense account over the asset's life. OC. an increase in an asset's value over time or usage. d. none of the above. A Click Submit to complete this assessment.

Q12 Which of the following is correct about the initial measurement of intangible asset? Select one: a. The physical or tangible assets that were used as part of the development of the intangible asset should also be included in the cost. b. Research expenditure should also be included in the cost of the intangible asset if it was developed internally. c. An intangible asset should be recorded at cost which is the sum of expenditure incurred until the date that the asset first met the recognition criteria of an intangible asset. d. When an intangible asset is acquired in exchange of another asset, it should be recorded at its fair value at the date of acquisition.

Depreciation expense under the invenroty system is a. Based on cost minus residual value b. Basically a FIFO approach to depreciable asset accounting c. The result of applying a depreciation rate to the original cost d. A measure of the change in the value of the depreciable asset

Which of the following is (are) acceptable valuation(s) for reporting of assets on the balance sheet? 1.   inventories at lower of cost or net realizable value. 2.   accounts receivable at net realizable value. 3.   plant and equipment at cost 4.   investments at acquisition cost   Select one: 1 and 4 1 and 3 1 and 2 2 and 4

The term that applies when an intangible asset is expensed over time rather than fully expensed at the time of purchase is Group of answer choices a. Depletion b. Amortization c. Goodwill write-down                                                          d. Depreciation

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