Q.) A government that uses the modified approach will
Select one:
a. Report depreciation expense on infrastructure assets.
b. Capitalize all costs related to infrastructure assets.
c. Expense all costs related to infrastructure assets.
d. Expense costs related to maintenance of infrastructure capital assets.
Q.) A government that uses the modified approach will Select one: a. Report depreciation expense on...
Depreciation of capital assets is not recognized as an expense in a Special Revenue Fund, but it is recognized as an expense in an Internal Service Fund. Select one: True False Revenue is recognized in governmental-type funds when it is earned. Select one: True False Under the modified accrual basis of accounting, expenditures are generally recognized in the period that goods and services are received, but there are a number of exceptions to that rule. Select one: True False
Problem 8-8 Modified Accelerated Cost Recovery System (MACRS), Election to Expense, Listed Property, Limitation on Depreciation of Luxury Automobiles (LO 8.2, 8.3, 8.4, 8.5) During 2018, William purchases the following capital assets for use in his catering business: New passenger automobile (September 30) $51,500 Baking equipment (June 30) 6,500 Assume that William decides to use the election to expense on the baking equipment (and has adequate taxable income to cover the deduction) but not on the automobile (which has a...
Which of the statements below is FALSE? A) Under the modified accelerated cost recovery system (MACRS) system of depreciation, the government classifies all assets into groups that are assigned specific "lives" for the purpose of depreciation. B) Under the modified accelerated cost recovery system (MACRS) system of depreciation, once the assigned class life is established, an adjustable percentage of the cost is expensed each year as depreciation. C) Under the modified accelerated cost recovery system (MACRS) system of depreciation, it...
Which of the following estimates are not always required when calculating depreciation expense? Select all that apply. Select one or more: A. Depreciation rate B. Useful life C. Depreciation method D. Salvage value E. None of the above
Depreciation is the application of the: Select one: a. Expense recognition principle b. Business entity assumption c. Full disclosure principle d. Materiality principle
Under the current FASB standards for nonprofit, private hospitals, depreciation: Select one O a. Is never recorded O b. Must be recorded as a temporarily restricted expense. O c. May be recorded as an unrestricted expense or a temporarily restricted expense, depending upon how the related asset is classified. d, Must be recorded as an unrestricted expense. Which of the following is not true regarding reclassifications used by private hospital accounting? Select one: a. Reclassifications made on the basis of...
please answer all The components of GDP are: Select one: O a. Consumption, government spending, net exports, and investment. O b. Exports, imports, investment, and disposable income. O c. Consumption, exports, imports, and disposable income. O d. Consumption, inventory, government spending, and disposable income. Question 19 Not yet answered Points out of 1.00 P Flag question The crowding out effect refers to a decrease in: Select one: O a. Consumption or investment as a result of an increase in government...
27) Oceanside Company uses the balance sheet approach in esti accounts expense. Its Allowance for Doubtful Accounts has a $1.2 prior to adjusting entries. It has just comp at December 31, 2015. This anal mating uncollectible 00 credit it balance leted an aging analysis of accounts receivable ysis disclosed the following information: Age Percentage Group Considered Total Uncollectible $52,000 196 $30,000 $13,000 Not yet due 1-30 days past due 31-60 past due 2% Doubtful Accounts at What is the appropriate...
SAS BASE PROGRAMMING Q proc contents data-data1.admit; run; Select one: a. Creates a report containing summary statistics b. Creates a report containing status messages regarding execution c. Creates a report containing the variable attributes O d. Creates a report containing the observations data NULL; Select one: a. Instructs SAS to write output to the NULL data set in the work library. b. None of the other choices C. Instructs SAS to write output without creating a data set. d. Is...
The adjusting entry to record depreciation of equipment is Select one: a. debit Accumulated Depreciation; credit Depreciation Expense. b. debit Depreciation Expense; credit Accumulated Depreciation. c. debit Equipment; credit Accumulated Depreciation. d. debit Depreciation Expense; credit Depreciation Payable. e. debit Accumulated Depreciation; credit Equipment.