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College Accounting, Chapters 1-27

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter18: Accounting For Long-term Assets

Section: Chapter Questions

Problem 6RQ

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The salvage value is a component of the calculation of the double declining balance (DDB) depreciation method.
True or False..

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Which of the following is not a factor in selecting a depreciation method? a. salvage valueb. repair and maintenance costsc. Inflationd. the risk associated with the cash flows from the asset
Which one of the following is not one of the factors in computing depreciation? Cost price Inadequacy Salvage value Exchange price Which of the following account is debited when account payable is converted into note payable? 直

Depreciation expense is calculated using its cost, estimates of an asset's salvage value, and an estimated useful life. True or False?
Salvage value is not considered directly in the determination of the deprecation amount with the a.sum-of-the-years'-digits method. b.straight-line method. c.declining-balance method. d.units-of-production method.
Depreciation is a process of Select one Oa. asset valuation D. cost allocation C Cost accumulation. d. asset devaluation. e. The answer does not exst
The cost of an asset that is subject to depreciation is called a.depreciable cost. b.trade-in value. c.salvage value. d.revenue.
First cost Book depreciation life MACRS property class Salvage value n 1 2 3 4 5 6 7 8 A $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $8,000 $0 B $22,857 $16,327 $11,661 $5,154 SO SO SO SO $80,000 7 years 7 years $24,000 C $11,429 $19,592 $13,994 $9,996 $7,140 $7,140 $7,140 $3,570 D $22,857 $16,327 $11,661 $8,330 $6,942 $6,942 $6,942 SO
Which of the following depreciation methods will result in the most depreciation expense over the life of an asset? Select one: a. Double-declining balance method b. All three methods will result in the same amount of depreciation expense. c. Units-of-production method d. Straight-line method e. Cannot be determined from the information given.
The ‘carrying value’ of a depreciable asset is the difference between ____? a. Depreciation and accumulated depreciation b. Cost and accumulated depreciation c. Cost and depreciation d. None of the above
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
1. What are the three main factors used in determining depreciation of a fixed asset? 2. What is the double-declining balance method and what are the benefits of it?
Which of the following depreciation methods initially ignores salvage value in its calculation? a.Declining-balanceb.Sum-of-the-years'-digitsc.Straight-lined.Units-of-production

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