Additions to plant assets? (a) decrease liabilities. (b) increase a repair expense account. (c) increase a purchases account. 0 (d) are capital expenditures.
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- Borrowing costs on qualifying assets are? a) Always expensed b) Capitalized during the construction period c) Added to reserves d) Deducted from the asset costDepreciation is a process that involves:a. Increasing the value of assetsb. Distributing the cost of an asset over its useful lifec. Eliminating the need for financial statementsd. Reducing the value of liabilities(Multiple Choice Question) Amortizable Cost refers to 1. An asset's Net Book Value minus its Accumulated Amortization 2. The added cost of a capital asset after undergoing a capital improvement 3. The portion of the cost of the asset that will amortize over its useful life 4. The entire cost of a capital asset
- ExplanationWhich of the following transactions is revenue expenditure? A Expenditure resulting in improvements to property B Expenditure on heat and light C Purchasing non-current assets D Repaying a bank overdraftCapital expenditures incurred subsequent to purchase of property assets increase total assets. T/F
- 4. The most appropriate definition of depreciation is: A. A means of determining the decrease in the market value of an asset over time B. A means of allocating the cost of an asset over a number of accounting periods C. A means of setting funds aside for the replacement of the asset D. A means of estimating the current value of the asset11. An expenditure that increases an asset's capacity or efficiency or extends its useful life is a(n): A) capital expenditure. B)expense. C)addition. D)improvement. 12. A capital expenditure is: A)debited to an expense account. B)credited to an expense account. C)debited to an asset account. D)debited to a shareholders' equity account 15.The journal entry to record a major expenditure to upgrade equipment that extends its useful life beyond the original estimate would include a: A)credit to Depreciation Expense. B)debit to Equipment. C)debit to Depreciation Expense. D)debit to Repair Expense.In determining the value in use, which of the following cash flow is excluded from the computation? I. Income tax receipts or payments. II. Net cash flows received or paid on the disposal of the asset at the end of its useful life in an arm's length transaction which is after using the asset. III. Future costs of improving or enhancing the asset's performance.
- Which of the following statements regarding investment is correct? O a. Housing construction is classified as investment expenditure rather than consumption expenditure. O b. The accumulation of inventories does not count as current investment. O c. The capital stock includes investment in stocks and bonds. O d. Rental payments are included as investment expenditures. O . Depreciation refers to funds used to increase the existing stock of capital.(LO 1) Additions to plant assets are: a. revenue expenditures. b. debited to the Maintenance and Repairs Expense account. c. debited to the Purchases account. d. capital expenditures.The capitalization of interest cost during construction?: a) increases net income during construction phase b) increases future net income c) decreases future depreciation expense d) decreases assets during construction phase