{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Ch 101 - Kieso Weygandt Warfield Intermediate 100(16 out of...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
100% (16 out of 16 correct) Responses to questions are indicated by the symbol. 1. Which one of the following is not a characteristic of property, plant, and equipment? A. They are acquired for use in operations. B. They are long-term in nature and are always subject to depreciation. C. They possess physical substance. D. All of the options are characteristics. Land, which is part of property, plant, and equipment, is not depreciated. 2. Land costs include all of the following except: Land costs include closing costs, assumption of any liens and mortgages, and special assessments. 3. The cost of buildings should include all of the following except: The cost of removing an old building is a cost of getting the land ready and relates to the land instead of the new building. 4. Overhead costs related to self-constructed assets are accounted for by: 10/26/2009 Kieso, Weygandt, Warfield: Intermediate… http://bcs.wiley.com/he-bcs/Books?acti… 1/6
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
A pro rata portion of fixed overhead should be assigned to the self-constructed asset because a better matching of costs and revenues results.
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}