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ACCT 1004S Week 6 Final Exam 2024 Latest Graded A+ (Fundamentals of Accounting Real Exam)
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ACCT 1004S Week 6 Final Exam 2024 Latest Graded A+ (Fundamentals of Accounting Real Exam)
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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
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