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D102 - Unit 8 test questions with verified solutions .
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D102 - Unit 8 test questions with verified solutions .
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D102 - Unit 8test questions
with verified
solutions 2024-
2025
Property, plant, and Equipment (PPE)
Tangible, long-lived assets acquired for use
in business operations that include land,
buildings, machinery, equipment, and
furniture
Intangible Assets
Long-lived assets without physical substance
that are used in business that include
licenses, patens, franchises, and goodwill
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6 Ways to Show Appreciation for Your Child's
Teacher
Research
An activity undertaken by a company to
discover new knowledge that will be useful in
developing new products, services, or
processes as part of a company's larger
(R&D) activities.
Development
The application of a company's research
findings to develop a plan or design for new
or improved products and processes as part
of a company's larger (R&D) activities.
What does it mean to capitalize a cost?
To record it as an asset
, When should repair and maintenance costs
be capitalized?
When the expenditure is made during the
first half of the year
When they are expected to benefit future
periods
When they are in the first year of the life of
the asset
When the amount of the cost of the repair is
small
When they are expected to benefit future
periods
Depreciation
The process of cost allocation that assigns
the original cost of plant and equipment to
the periods benefited.
Book value
For a long-term operating asset, the asset's
original cost less any accumulated
depreciation.
Original cost
The cost at which an asset is recorded on the
books of a company
Estimated useful life
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