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
- The balance in the Accumulated Depreciation account represents a. The amount charged to expense in the current period.b. A contra expense account.c. A cash fund to be used to replace plant assets.d. The amount charged to depreciation expense since the acquisition of the plant asset.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.
- 8. Normal repair and maintenance of an asset is an example of what? a.Revenue expenditure b.Capital expenditure c.An expenditure that will be depreciated d.An expenditure that should be avoidedIn 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 would be considered a capital expenditure? (A 22) O Making a payment on accounts payable O Paying accumulated income taxes O Paying shipping insurance on new equipment Retiring a bond payable taken out for construction Which of the following costs CANNOT be capitalized as part of land? Price paid to purchase the land. Clearing old buildings and other obstructions Obligations assumed when buying the land Overhead costs for construction projects on the land