Exam (elaborations)
ACCT 1004S Week 6 Final Exam 2024 Latest Graded A+ (Fundamentals of Accounting Real Exam)
- Course
- Institution
- Book
ACCT 1004S Week 6 Final Exam 2024 Latest Graded A+ (Fundamentals of Accounting Real Exam)
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
Seller
Follow
knoowy96
Content preview
ACCT 1004S Week 6 Final Exam 2024 Latest Graded A+(Fundamentals of Accounting Real Exam)
Which of the following items are intangible assets?
A. Trademarks
B. Buildings
C. Accounts receivable
D. Land
E. Goodwill - ANSWER: A,E
Which of the following are long-term tangible assets?
A. Property
B. Accounts receivable
C. Equipment
D. Trademark
E. Copyright - ANSWER: A,C
What is the first issue that needs to be addressed in order to properly report
tangible and intangible assets?
A. Determining the amounts to be included in the assets' initial cost
B. How to record the disposal of the assets
C. The method for expensing the cost of the assets
D. How to recognize additional costs incurred during the assets' service life -
ANSWER: A
True or false: The initial cost of property, plant, and equipment includes the
purchase price and all expenditures necessary to bring the asset to its desired
condition and location for use. - ANSWER: TRUE
An asset that has no physical substance is referred to as a(n) _________ __________
- ANSWER: intangible asset
Which of the following items are intangible assets?
A. Equipment
B. Land
C. Trademark
D. Copyright
E. Patent - ANSWER: C,D,E
Because the future benefits of research and development costs are uncertain, FASB
requires that research and development costs be treated as
A. an asset on the balance sheet.
B. a contra asset on the balance sheet.
, C. a liability on the balance sheet.
D. an expense on the income statement. - ANSWER: D
Long-term tangible assets include
A. buildings.
B. patents.
C. goodwill.
D. land.
E. equipment. - ANSWER: A,D,E
The issues that are important for tangible and intangible assets, include determining:
*select all that apply*
A. on which financial statement to record the asset
B. how to record the disposal of the asset
C. what amounts to include in the cost
D. how to expense the cost of the asset over its life - ANSWER: B,C,D
Which of the following are expenditures for assets subsequent(coming after) to
acquisition?
A. Improvements
B. Repairs and maintenance
C. Additions
D. Freight charges - ANSWER: A,B,C
The purchase price and all costs to bring an asset to its desired condition and
location for use should be ______.
A. expensed
B. accrued
C. capitalized - ANSWER: C
The key factor in classifying items as repairs and maintenance is that
A. the invoice must be less than $1,000 for productive assets.
B. the asset must be a current asset used in the normal course of business.
C. future benefits are not provided beyond those originally anticipated from the
asset. - ANSWER: C
Which of the following expenditures are classified as repairs and maintenance for a
vehicle owned by the company? (Select all that apply.)
A. Engine tune-up
B. Routine oil change
C. New engine installation - ANSWER: A,B
The FASB requires research and development costs to be expensed because
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller knoowy96. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $17.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
72001 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now