ACC 311 Quiz 7

ACC 311 Quiz 7 - Question 1 1 out of 1 points The sale of a...

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Question 1 1 out of 1 points The sale of a depreciable asset resulting in a loss indicates that the proceeds from the sale were Answer Selected Answer: less than book value. Correct Answer: less than book value. Question 2 1 out of 1 points The term "depreciable base," or "depreciation base," as it is used in accounting, refers to Answer Selected Answer: the total amount to be charged (debited) to expense over an asset's useful life. Correct Answer: the total amount to be charged (debited) to expense over an asset's useful life. Question 3 1 out of 1 points The asset turnover ratio is computed by dividing Answer Selected Answer: net sales by average total assets. Correct Answer: net sales by average total assets. Question 4 1 out of 1 points Which of the following is not a capital expenditure? Answer Selected Answer: Repairs that maintain an asset in operating condition Correct Answer: Repairs that maintain an asset in operating condition Question 5
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This note was uploaded on 11/08/2011 for the course ACC ACC 301 taught by Professor Kenny during the Spring '11 term at St. Leo.

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ACC 311 Quiz 7 - Question 1 1 out of 1 points The sale of a...

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