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Louisiana State University, Shreveport ACCT 701 Module 5 Quiz TRUE/FALSE QUESTIONS 1)The cost of land includes its purchase price and other related costs, including the costs of removing an old unusable building that is on the land? The formula for calculating straight line depreciation is: Depreciation per period = (asset cost – estimated salvage value)/ number of accounting periods (useful life)? Units of production method: assigns an equal amount of depreciation to each unit of product manufactured by an asset? Double-declining balance method an accelerated depreciation method
Louisiana State University, Shreveport
ACCT 701
Module 5 Quiz
TRUE/FALSE QUESTIONS
1)The cost of land includes its purchase price and other related costs, including the costs of removing an old unusable building that is on the land?
- The formula for calculating straight line depreciation is: Depreciation per period = (asset cost – estimated salvage value)/ number of accounting periods (useful life)?
- Units of production method: assigns an equal amount of depreciation to each unit of product manufactured by an asset?
- Double-declining balance method an accelerated depreciation method. Salvage value is ignored in making annual calculations (save for the final depreciation method)?
- The formula for DDB depreciation is: Depreciation per period = (2 x straight line rate) x (asset cost – accumulated depreciation)
- Expenditures that increase the quality of services or extend the quantity of services beyond the original estimate are capital expenditures?
- In calculating depletion, the residual value of acquired land containing an ore deposit is included in total costs subject to depletion?
- All recorded intangible assets are subject to amortization?
- By comparing an assets book value (cost less up to date accumulated depreciation) with its sales price, the company may show either a gain or a loss?
- If an assets sales price is greater than book value, the company shows a gain. If sales price is less than book value, the company shows a loss. If sales price equals book value, no gain or loss results?
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