Accounting Quiz ch 10 - Correct Answer Question 8 2 out of...

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Questi on 1 2 out of 2 points The cost of a purchased building includes all of the following except Correct Answer:
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Question 2 2 out of 2 points Which of the following assets does not decline in service potential (is not depreciated) over the course of its useful life? Correct Answer: Question 3 2 out of 2 points The balance in the Accumulated Depreciation account represents the Correct Answer: Question 4 2 out of 2 points Which one of the following items is not a consideration when recording periodic depreciation expense on plant assets? Correct Answer: Question 5 2 out of 2 points Depreciation is the process of allocating the cost of a plant asset over its service life in Correct Answer: Question 6 2 out of 2 points The book value of an asset is equal to the
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Question 6 2 out of 2 points Correct Answer: Question 7 2 out of 2 points Recording depreciation each period is necessary in accordance with the
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Unformatted text preview: Correct Answer: Question 8 2 out of 2 points In computing depreciation, salvage value is Correct Answer: Question 9 2 out of 2 points A truck was purchased for $120,000 and it was estimated to have a $24,000 salvage value at the end of its useful life. Monthly depreciation expense of $2,000 was recorded using the straight-line method. The annual depreciation rate is Correct Answer: Question 10 2 out of 2 points A factory machine was purchased for $75,000 on January 1, 2010. It was estimated that it would have a $15,000 salvage value at the end of its 5-year useful life. It was also estimated that the machine would be run 40,000 hours in the 5 years. The company ran the machine for 4,000 actual hours in 2010. If the company uses the units-of-activity method of depreciation, the amount of Question 10 2 out of 2 points depreciation expense for 2010 would be Correct Answer:...
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