Chapter 11 Quiz - Chapter 11 Quiz Accounting 201 A...

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Chapter 11 Quiz Name ________________________ Accounting 201 A. Activity-based method B. Book value C. Composite method D. Date placed in service E. Double-declining balance F. Improvements G. Rearrangements H. Percentage depletion I. Straight-line method J. Write-down of asset 1. _____ Occurs with a significant decline in value. 2. _____ Estimates service life in units of output. 3. _____ Does not subtract residual value from cost. 4. _____ Aggregates assets that are physically dissimilar. 5. _____ Produces a level amount of annual depreciation. 6. _____ Only used for tax purposes. 7. _____ Cost less accumulated depreciation. 8. _____ Three methods are employed to record these costs. 9. _____ Expenditures made to restructure an asset without addition, replacement, or improvement. 10. _____ Triggers commencement of depreciation. A. Accelerated methods B. Amortization C. Change in depreciation method D. Change in useful life E. Depletion F. Depreciable base G. Depreciation H. Prior period adjustment I. Repairs and maintenance J. Service life 11. _____ Cost allocation for a natural resource. 12. _____ Amount of use expected from an operational asset. 13. _____ Cost less residual value. 14. _____ Treated prospectively like a change in estimate. 15. _____ Cost allocation for an intangible asset. 16. _____ Generate declining amounts of depreciation over time. 17. _____ Allocation of cost for plant and equipment. 18. _____ Expenditures made to maintain a given level of benefits from an asset. 19. _____ Results from subsequent year correction of a material error.
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20. _____ Is a change in accounting estimate. A. Additions B. Cost of defending intangible rights C. Depreciation D. Group method E. Impairment F. Indefinite life G. Rearrangements H. Residual value I. Sum-of-the-years'-digits method J. Time-based method 21. _____ The reason for not amortizing goodwill. 22. _____ Cost allocation for plant and equipment. 23. _____ Aggregates assets that are similar. 24. _____ Estimates service life in years. 25. _____ Results in depreciation declining by the same amount in subsequent years. 26. _____ Estimate of recoverable cost at end of an asset's life. 27. _____ Should be capitalized since they provide future benefits. 28. _____ Capitalize unless unsuccessful. 29. _____ Considered if indicated that book value may not be recoverable. 30. _____ Should be expensed unless they are material and provide a future benefit. Terms: 31. _____ Can be expressed in units of time or in units of activity. 32. _____ The amount the company expects to receive for the asset at the end of its life. 33. _____ Cost allocation for an intangible asset. 34. _____ The replacement of a major component of an operational asset. 35. _____ Allocates an equal amount of depreciable base to each period.
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