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ACCT212_Week5_Quiz1.docx

ACCT212_Week5_Quiz1.docx - ACCT212 WEEK 5 QUIZ Question 1 3...

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ACCT212 WEEK 5 QUIZ Question 1 3 / 3 pts (TCO 6) An example of an intangible asset is land. equipment. coal mine. t! goodwill. See Chapter 7. Question 2 3 / 3 pts (TCO 6) Depreciation expense Correct! allocates a portion of the cost of an asset against the revenue the asset helps earn each period. is not required for plant assets according to GAAP. is reported on the balance sheet. is required for land according to GAAP. See Chapter 7. Question 3 3 / 3 pts (TCO 6) Natural resources are not physically used up over time. have a contra account, accumulated amortization. are recorded on the books using the relative sales-value method. ect! are depleted using the unit-of-production method. See Chapter 7. Question 4
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ACCT212 WEEK 5 QUIZ 3 / 3 pts (TCO 6) The method used to account for investments in which the investor has 35% of the investee's voting stock and can significantly influence the decisions of the investee is the market value method.
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