Grade Details Unit 5 Review

Grade Details Unit - Unit 5 Depreciation and Depletion(Mar 2 Mar 8 Grade Details Unit 5 Review Page 1 of 12 Unit 5 Depreciation and Depletion(Mar 2

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Unit 5: Depreciation and Depletion (Mar 2 - Mar 8) Grade Details Unit 5 Review Page 1 of 12
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Unit 5: Depreciation and Depletion (Mar 2 - Mar 8) Grade Details Unit 5 Review 1. Question: Which one of the following statements is not true? Your Answer: Depreciation is the process of allocating the purchase price of an asset minus its residual value to expense for each period benefited by the asset. The cost of an asset includes all acquisition costs necessary to obtain the benefits to be derived from the asset. The service life of an asset is the measure of the number of years of service expected from the asset before its disposal. The residual value of an asset is the difference between the expected book value of the asset at the end of its service and the costs of disposal. CORRECT ANSWER 2. Question: The service life of an asset may be measured by all of the following except Your Answer: Page 2 of 12
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Unit 5: Depreciation and Depletion (Mar 2 - Mar 8) Grade Details Unit 5 Review 3. Question: Depreciation of an asset based on the number of hours of usage is a(n) Your Answer: 4. Question: Which one of the following disclosures is required by generally accepted accounting principles? Your Answer: 5. Question: Which one of the following statements is true? Your Answer: Page 3 of 12
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Depreciation and Depletion (Mar 2 - Mar 8) Grade Details Unit 5 Review 6. Question: When low-cost depreciable assets with similar characteristics, service lives, and residual values are acquired, which depreciation method should be used? Your Answer: 7. Question: Willard Business Services purchased three assets with the following characteristics: Assuming Willard uses straight-line depreciation, the composite depreciation rate is Your Answer: 8. Question:
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This note was uploaded on 07/26/2011 for the course ACC MT 140 taught by Professor Magoo during the Spring '11 term at Kaplan University.

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Grade Details Unit - Unit 5 Depreciation and Depletion(Mar 2 Mar 8 Grade Details Unit 5 Review Page 1 of 12 Unit 5 Depreciation and Depletion(Mar 2

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