16. Expenditures that increase the efficiency of an asset or extend its useful life are referred to as: 2 points A) immediate expenses B) capital expenditures C) equity expenditures D) ordinary repairs 17. Repairs made to equipment as part of a yearly maintenance project would be recorded in the journal by: A) debiting Equipment B) debiting Repair Expense C) debiting Depreciation Expense D) debiting Accumulated Depreciation 2 points 18. Treating a capital expenditure as an immediate expense: 2 points A) understates expenses and overstates owners' equity B) understates expenses and understates assets C) overstates assets and overstates owner's equity D) overstates expenses and understates net income 19. Improvements to land are considered part of the cost of land since they are tied directly to the use of the land itself. 2 points ○ A) True B) False 20. Which of the following expenses is most closely associated with tangible long-lived assets? 2 points A) accumulation B) depreciation C) interest D) depletion

16. Expenditures that increase the efficiency of an asset or extend its useful life are referred to as: 2 points A) immediate expenses B) capital expenditures C) equity expenditures D) ordinary repairs 17. Repairs made to equipment as part of a yearly maintenance project would be recorded in the journal by: A) debiting Equipment B) debiting Repair Expense C) debiting Depreciation Expense D) debiting Accumulated Depreciation 2 points 18. Treating a capital expenditure as an immediate expense: 2 points A) understates expenses and overstates owners' equity B) understates expenses and understates assets C) overstates assets and overstates owner's equity D) overstates expenses and understates net income 19. Improvements to land are considered part of the cost of land since they are tied directly to the use of the land itself. 2 points ○ A) True B) False 20. Which of the following expenses is most closely associated with tangible long-lived assets? 2 points A) accumulation B) depreciation C) interest D) depletion

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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