3101 Quiz-10 for Student 2010

3101 Quiz-10 for Student 2010 - Acct3101 Quiz-Chap.10 Name:...

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Acct3101 Quiz--Chap.10 Name: 1. Which of the following is not a major characteristic of a plant asset? a. Possesses physical substance b. Acquired for resale c. Acquired for use d. Yields services over a number of years 2. The cost of land does not include a. costs of grading, filling, draining, and clearing. b. costs of removing old buildings. c. costs of improvements with limited lives. d. special assessments. 3. Assets that qualify for interest cost capitalization include a. assets under construction for a company's own use. b. assets that are ready for their intended use in the earnings of the company. c. assets that are not currently being used because of excess capacity. d. All of these assets qualify for interest cost capitalization. 4. Interest cost that is capitalized should a. be written off over the remaining term of the debt. b. be accumulated in a separate deferred charge account and written off equally over a 40-year period. c.
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This note was uploaded on 04/29/2011 for the course ACCT 3010 taught by Professor John during the Spring '11 term at University of Minnesota Duluth.

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3101 Quiz-10 for Student 2010 - Acct3101 Quiz-Chap.10 Name:...

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