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Accounting II Chapter 8
Test Description: Review
Instructions: Answer all questions to get your test result.
1) What is the classification of Accumulated Depreciation?
A
Liability
B
Current Asset
C
Operating Expense
D
Plant Asset
2) What is the classification of Depreciation Expense?
A
Other Expense
B
Current Asset
C
Operating Expense
D
Plant Asset
3) What is the classification of Gain on Plant Assets?
A
Current Asset
B
Other Revenue
C
Plant Asset
D
Operating Revenue
4) What is the classification of Loss on Plant Assets?
A
Liabilities
B
Other Expenses
C
Operating Expenses
D
Plant Assets
5) What is the normal balance of Accumulated Depreciation?
A
Credit
B
Debit
6) What is the normal balance of Depreciation Expense?
A
Credit
B
Debit
7) What is the normal balance of Gain on Plant Assets?
A
Debit
B
Credit
8) What is the normal balance of Loss on Plant Assets?
A
Debit
B
Credit
9) The original cost of a plant asset minue the accumulated depreciation is called
A
book value of a plant asset
B
depreciation expense of a plant asset
C
useful life of a plant asset
D
salvage value of plant asset
10) The value of an asset determined by tax authorities for the purpose of calcuating taxes is called
A
taxable value
B
property tax value
C
mill rate value
D
assessed value
11) The method of depreciation calculated my multiplying the book value at the end of each fiscal period by a constant depreciation rate is
A
straight line
B
declining balance
C
production unit
D
sum of the years digits
12) The method of depreciation that charges an equal amount of depreciation expense for a plant asset in each year of its useful life is
A
sum of the years digits
B
straight line
C
declining balance
D
production unit
13) The decrease in value of a plant asset because of the removal of a natural resource is
A
straight line
B
production unit
C
depletion
D
declining balance
14) The method of depreciation calculated by using fractions based on the number of years of a plant asset's useful life is
A
production unit
B
sum of the years digits
C
straight line
D
declining balance
15) Land and anything attached to it is called
A
personal property
B
land improvements
C
depreciable property
D
real property
16) The Going Concern concept states that financial statements are prepared with the expectation that a business will remain in operation indefinitely.
A
False
B
True
17) Businesses most often use the trade-in price listed by the manufacturer as the estimated salvage value.
A
True
B
False
18) The gain or loss on a traded asset equals the original coast of the old asset less its accumulated depreciation plus the original cost of the new asset.
A
True
B
False
19) At the end of the estimated useful life of a plant asset, it should be depreciated down to its original cost.
A
False
B
True
*select an answer for all questions
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