chap010_1 - Chapter 10: Operational Assets: Acquisition and...

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Chapter 10: Operational Assets: Acquisition and Disposition Chapter 10 Test Planner Learning Level 1: Knows terms and facts Learning Level 2: Understands principles and concepts Learning Level 3: Applies principles and concepts Learning Objective 1: Identify the various costs included in the initial cost of property, plant, and equipment, natural resources, and intangible assets. 1, 2, 3, 4, 5, 17*, 18*, 19*, 21*, 25*, 27*, 30*, 32*, 33*, 34*, 35*, 36*, 37*, 40*, 43, 44, 45, 54, 55, 56, 57, 58 6, 20*, 28*, 61, 64, 71 72, 73, 74, 75, 76, 93 , 96, 97, 98, 99, 114, 115, 116, 117, 118, 119, 120, 128, 129 Learning Objective 2: Determine the initial cost of individual operational assets acquired as a group for a lump sum purchase price. 7, 42*, 46 124 100, 101 Learning Objective 3: Determine the initial cost of an operational asset acquired in exchange for a deferred payment contract. 22*, 29*, 38*, 47 122 103 Learning Objective 4: Determine the initial cost of operational assets acquired in exchange for equity securities or through donation. 13*, 39*, 48 59 , 121 102 Learning Objective 5: Explain how to account for dispositions and exchanges for other 8, 10, 16*, 26*, 31*, 49 9, 50, 60, 62, 63 77, 78, 79, 80, 81, 82, 83, 84, 104, 105, 106, 107, 108, 109, 110, 111 Spiceland/Sepe/Tomassini Page 1
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Chapter 10: Operational Assets: Acquisition and Disposition nonmonetary assets. Learning Objective 6: Identify the items included in the cost of a self-constructed asset and determine the amount of capitalized interest. 11, 14*, 66 15*, 51, 52, 65, 125, 126 85, 86, 87, 88, 89, 90, 91, 92, 95, 112, 113 Learning Objective 7: Explain the difference in the accounting treatment of costs incurred to purchase intangible assets versus the costs incurred to internally develop intangible assets. 12, 23*, 24*, 41*, 67, 69 53, 68, 70, 123, 127 94 , 130 Key for Test Planner Question Number Coding: T/F   Matching*    MC    Problems    Essay Page 2 Intermediate Accounting, 3e
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Chapter 10: Operational Assets: Acquisition and Disposition True/False Questions 1. T F Operational assets is a term used to describe assets created by the normal operation of the business, including inventories and receivables. Answer: False 2. T F Sales tax paid on equipment used in the business is not capitalized or depreciated. Answer: False 3. T F Demolition costs to remove an old building from land purchased as a site for a new building are considered part of the cost of the new building. Answer: False 4. T F The initial cost of an operational asset includes all the identifiable expenditures necessary to bring the asset to its desired condition and location for use. Answer: True 5. T F A distinguishing characteristic of intangible assets is the degree of uncertainty about when or if they will provide future benefits. Answer: True
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This note was uploaded on 03/12/2012 for the course ACCT 211 taught by Professor Kamlet during the Spring '08 term at Binghamton University.

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chap010_1 - Chapter 10: Operational Assets: Acquisition and...

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