Homework Answers
Dear student, only one question is allowed at a time. I am answering the first question
29)
Apportionment is the process of allocation of costs to various components on certain basis
Depreciation is the charging of depreciable cost of the asset over its useful life. Depreciation is done for physical assets like property, plant, equipment and the like
Depletion is the reduction in the value of a wasting asset like mines over the period of their useful life
Amortization is the charging of cost of an intangible asset over its useful life
So, as per above definitions, option D is the correct option
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QUESTION 29 The term used to describe the allocation of the cost of an intangible asset...
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets....
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $338,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 314,000 July Purchased franchise with 10-year life; expiration date July 1, 2030 257,000 1...
Which of the following would not be considered an intangible asset? goodwill patent copyright inventory Which...
Which of the following would not be considered an intangible asset? goodwill patent copyright inventory Which of the following statements about capitalizing costs is correct? Capitalizing costs refers to the process of converting assets to expenses. Only the purchase price of the asset is capitalized. Capitalizing a cost means to record it as an asset. Capitalizing costs results in an immediate decrease in net income. If a company capitalizes costs that should be expensed, how is its income statement for...
Ture or fause question UI TALSE. A company had net sales of $545,000 and cost of goods sold of S345,000. Its gross 1...
Ture or fause question
UI TALSE. A company had net sales of $545,000 and cost of goods sold of S345,000. Its gross 1. margin equals $890,000 An accelerated depreciation method creates a larger depreciation charge as the asset comes closer to the end of its useful life. 3. JUnits of Production is an accelerated depreciation method. __4. The term "depletion" as applied to intangible assets follows the matching principle. Even if the end of an accounting period occurs between the...
Question 37 Under accrual accounting, the matching principle requires: Not yet answered Marked out of 1.00...
Question 37 Under accrual accounting, the matching principle requires: Not yet answered Marked out of 1.00 Select one: a. that all invoices are paid in 30 days Flag question O b. the preparation of adjusting entries O c. that revenue be recognized when the cash is received O d. that reversing entries be prepared where is all the financial data needed to calculate the debt-rations found? Question 38 Not yet answered Marked out of 1.00 Select one: a. balance sheet,...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the second full year, durmg which the machine was used 5,000 hours? A) 890,000 B) S160,000 C) S150,000 D) S130,000 39. Intangible assets include each of the following except A) goodwill. B) patents. C) copyrights. D)...
No results > arch Options 10 poi QUESTION 3 An account showing the portion of the cost of a plant asset that has...
No results > arch Options 10 poi QUESTION 3 An account showing the portion of the cost of a plant asset that has been written off to date as a depreciation expense is called half-year convention o capital expenditure O MACRS revenue expenditure O straight-line O goodwill accumulated depreciation research and development accelerated depreciation none of the above QUESTION 4 Save All Answers Click Save and Submit to save and submit. Click Save All Answers to save all answers, earch
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following...
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following standards discourages but does NOT restrict the use of the term "Amortization" on depreciable assets? IFRS OCICA O ASPE GAAP QUESTION 8 Adjusting entries are needed O never if you are reporting on an annual basis. o every time financial statements are prepared. o every time cash is received. o every time expenses are incurred or revenue is performed. Click Save and Sub ....
) Indicate whether the following are TRUE or FALSE. 1. A company had net sales...
) Indicate whether the following are TRUE or FALSE. 1. A company had net sales of $545,000 and cost of goods sold of $345,000. Its gross margin equals $890,000. 2. An accelerated depreciation method creates a larger depreciation charge as the asset comes closer to the end of its useful life. 3. Units of Production is an accelerated depreciation method. _____ 4. The term “depletion” as applied to intangible assets follows the matching principle. _____5. Even if the end...
of this journal entry is to by an accrued expense (c) a an unexpired cost. expense...
of this journal entry is to by an accrued expense (c) a an unexpired cost. expense 7. interest payable. The purpose O- record (a) a deferred expense (b) an contingent liability (d) an unexp2 As generally used, the term "net ass (a) retained earnings of a corpo less current liabilities (e) assets less total liabilities (e) none ng to the conceptual framework, "confirmatory value a characteristic of understandability a (b) representation faithful elevance (a) both relevance and faithful representation. Sed,...
Question 2 (30%) Matching the following statement with the BEST accounting term: Description (1) A detailed...
Question 2 (30%) Matching the following statement with the BEST accounting term: Description (1) A detailed inventory record is maintained, recording each purchase and sale during the accounting period. (2) Systematic allocation of the cost of an asset to expense during the period of its useful life. (3) An increase in equity resulting from profitable operation. 4) A liability account used to record the obligation to provide future services when cash has been received before revenues have been earned. Term...
Ivanhoe Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $338,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 314,000 July Purchased franchise with 10-year life; expiration date July 1, 2030 257,000 1...
Ture or fause question
UI TALSE. A company had net sales of $545,000 and cost of goods sold of S345,000. Its gross 1. margin equals $890,000 An accelerated depreciation method creates a larger depreciation charge as the asset comes closer to the end of its useful life. 3. JUnits of Production is an accelerated depreciation method. __4. The term "depletion" as applied to intangible assets follows the matching principle. Even if the end of an accounting period occurs between the...
Question 37 Under accrual accounting, the matching principle requires: Not yet answered Marked out of 1.00 Select one: a. that all invoices are paid in 30 days Flag question O b. the preparation of adjusting entries O c. that revenue be recognized when the cash is received O d. that reversing entries be prepared where is all the financial data needed to calculate the debt-rations found? Question 38 Not yet answered Marked out of 1.00 Select one: a. balance sheet,...
38. A machine with a cost of S480000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depreciated using the units-of-activity method of depreciation. What is the amount of depreciation for the second full year, durmg which the machine was used 5,000 hours? A) 890,000 B) S160,000 C) S150,000 D) S130,000 39. Intangible assets include each of the following except A) goodwill. B) patents. C) copyrights. D)...
No results > arch Options 10 poi QUESTION 3 An account showing the portion of the cost of a plant asset that has been written off to date as a depreciation expense is called half-year convention o capital expenditure O MACRS revenue expenditure O straight-line O goodwill accumulated depreciation research and development accelerated depreciation none of the above QUESTION 4 Save All Answers Click Save and Submit to save and submit. Click Save All Answers to save all answers, earch
QUESTION Z Amortization is a term which means the same as Depreciation. Which of the following standards discourages but does NOT restrict the use of the term "Amortization" on depreciable assets? IFRS OCICA O ASPE GAAP QUESTION 8 Adjusting entries are needed O never if you are reporting on an annual basis. o every time financial statements are prepared. o every time cash is received. o every time expenses are incurred or revenue is performed. Click Save and Sub ....
of this journal entry is to by an accrued expense (c) a an unexpired cost. expense 7. interest payable. The purpose O- record (a) a deferred expense (b) an contingent liability (d) an unexp2 As generally used, the term "net ass (a) retained earnings of a corpo less current liabilities (e) assets less total liabilities (e) none ng to the conceptual framework, "confirmatory value a characteristic of understandability a (b) representation faithful elevance (a) both relevance and faithful representation. Sed,...
Question 2 (30%) Matching the following statement with the BEST accounting term: Description (1) A detailed inventory record is maintained, recording each purchase and sale during the accounting period. (2) Systematic allocation of the cost of an asset to expense during the period of its useful life. (3) An increase in equity resulting from profitable operation. 4) A liability account used to record the obligation to provide future services when cash has been received before revenues have been earned. Term...
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