financial accounting答案2023秋

第七章测试

1."Case 7-1: Use the information below to answer Questions 1-6.
A business purchased an asset that had a total cost of $110,000 and a residual value of $10,000. The asset is expected to service the business for a period of 10 years or produce a total of 1,000,000 units. The machine was purchased January 1st of the current year and has been in service one complete year.
Refer to Case 7-1. What is the depreciable cost of the asset?"（ ）。
A:$120,000
B:$110,000
C:$90,000
D:$100,000

答案:D
2.Refer to Case 7-1. Using the straight-line method, what is the amount of depreciation expense in Year two of the asset’s life?（ ）。
A:$20,000
B:$10,000
C:$11,000
D:$12,000
3.Refer to Case 7-1. Now assume the business uses the units-of-production method. If the asset produces 250,000 units in Year 1 and 200,000 units in Year two, what is the amount of depreciation expense for Year two?（ ）。
A:$45,000
B:$25,000
C:$20,000
D:$22,000
4.Refer to Case 7-1 and Question 3. What is the book value of the asset at the end of Year two, using the units-of-production method?（ ）。
A:$80,000
B:$90,000
C:$60,500
D:$65,000
5.Refer to Case 7-1. What is the depreciation expense in Year one, if the double-declining-balance method is used?（ ）。
A:$20,000
B:$10,000
C:$22,000
D:$11,000
6.

The entry to record the annual depreciation does not include:（ ）。

A:A credit to Accumulated Depreciation.  
B:A debit to Depreciation Expense.
C:A debit to Accumulated Depreciation.
D:other three choices are not true. 7.In calculating the total cost of land, all costs are included except:（ ）。
A:Survey fees
B:Brokerage commission.
C:Fencing
D:Purchase price.
8.If a plant asset is sold and a gain is incurred, the entry to record the sale would include a debit to:（ ）。
A:Accumulated Depreciation.
B:Plant Asset.
C:Sales Revenue.
D:Gain on Sale of Asset.
9.Return on assets:（ ）。
A:is calculated as net income/net sales.
B:measures the amount of sales dollars generated by each dollar of assets invested in the business.
C:is calculated as net income/average total assets.
D:is calculated as average total assets/net income.
10.

Which of the following statements is TRUE?（ ）。

A:Allocating the cost of a plant asset over its useful life is called depletion
B:Allocating the cost of a natural resource to an expense is called depreciation.
C:Intangible assets are amortized.
D:other  three choices  are true.