chapter_10 M

chapter_10 M - 63% (10 out of 16 correct) Responses to...

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63% (10 out of 16 correct) Responses to questions are indicated by the symbol. 1. Which one of the following is not a characteristic of property, plant, and equipment? A. They are acquired in operations. B. They are long-term in nature and are alw C. They possess physical substance. D. All of the options are characteristics. Land, which is part of property, plant, and equipment, is not depreciated. 2. Land costs include all of the following except: A. closing costs such a attorney's fees.
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B. assumption of any liens and mortgages. C. special assessments for street lights. D. All of the options are land costs. Land costs include closing costs, assumption of any liens and mortgages, and special assessments. 3. The cost of buildings should include all of the following except: A. building permits. B. excavation costs. C. overhead costs incurred during construct D. costs of removing an old building on the The cost of removing an old building is a cost of getting the land ready and relates to the land instead
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4. Overhead costs related to self-constructed assets are accounted for by: A. B. assigning a portion of all overhead to the C. assigning no fixed overhead to the asset. D. assigning a pro rata portion of fixed over A pro rata portion of fixed overhead should be assigned to the self- constructed asset because a better matching of costs and revenues results. 5.
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chapter_10 M - 63% (10 out of 16 correct) Responses to...

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