Regardless of the inventory cost flow assumption used, inventories on the balance sheet are stated at:...
Regardless of the inventory cost flow assumption used, inventories on the balance sheet are stated at:
| A. |
original cost. |
|
| B. |
the higher of cost or market. |
|
| C. |
the lower of cost or market. |
|
| D. |
realizable value. |
The net book value of a depreciable asset is:
| A. |
the fair value of the asset. |
|
| B. |
the difference between the asset's cost and accumulated depreciation. |
|
| C. |
the amount for which the asset should be insured. |
|
| D. |
the difference between the asset's cost and depreciation expense. |
Homework Answers
Regardless of the inventory cost flow assumption used, inventories on the balance sheet are stated at " The lower of cost or market".
hence correct answer is option no.(C)
The net book value of a depreciable asset is:"the difference between the asset's cost and accumulated depreciation."
hence correct answer is option no. (B)
Add Answer to:
Regardless of the inventory cost flow assumption used,
inventories on the balance sheet are stated at:...
The difference between the cost of a depreciable asset and its related accumulated depreciation is referred...
The difference between the cost of a depreciable asset and its related accumulated depreciation is referred to as the: a. market value of the asset. b. blue book value of the asset. c. book value of the asset. d. depreciated difference of the asset. 26.
1. The balance sheet reports the net value ( book value) of the equipment. The book...
1. The balance sheet reports the net value ( book value) of the equipment. The book value of the equipment is______________. Select one or more: a. The original cost of the asset b. The original cost of the asset less the depreciation cost of current year c. The original cost of the asset less its accumulated depreciation d. The accumulated depreciation on the asset 2.Goodwill is: Select one or more: a. Can be developed internally b. Need to be amortized...
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June...
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June were $3,000, and the supplies on hand at June 30 were $3.500. The amount to be used for the appropriate adjusting entry a $4.000 b $4.500 c 58.500 d. $11,500. 10. 96 Depreciation expense for a period is the a original cost of an asset accumulated depreciation b. book value of the asset useful life. c. portion of an asser's cost that expired during...
Property, plant, and equipment are conventionally presented in the balance sheet at Select one: o a....
Property, plant, and equipment are conventionally presented in the balance sheet at Select one: o a. original cost less residual value O b. fair value less book value 0 C. original cost less accumulated depreciation 0 d. fair value less residual value
7,8,9) Question 7 2 pts The normal balance of the accumulated depreciation account is a debit...
7,8,9)
Question 7 2 pts The normal balance of the accumulated depreciation account is a debit True False Question 8 2 pts It is necessary for a company to use the same depreciation method for all of its depreciable assets True False Question 9 2 pts The difference between the balance in a fixed asset account and its related accumulated depreciation account is the asset's book value True False
OPTIONS: Indicate for each balance sheet item listed below the usual valuation reported on the balance...
OPTIONS:
Indicate for each balance sheet item listed below the usual valuation reported on the balance sheet. 1. Common stock 2. Prepaid insurance 3. Natural resources 4. Property, plant, and equipment 5. Accounts receivable 6. Copyrights 7. Inventory 8. Long-term bonds payable 9. Land (in use) 10. Land (future plant site) 11. Patents 12. Equity investments (trading) 13. Accounts payable Par value Current cost of replacement Amount payable when due, less unamortized discount or plus unamortized premium Amount payable when...
*THIS IS ONE QUESTION ONLY* Basic depreciation concepts Cost or factor depletion is based on _____________ level, not time as used in depreciation. The remaining, undepreciated amount of an...
*THIS IS ONE QUESTION ONLY*
Basic depreciation concepts
Cost or factor depletion is based on _____________ level, not
time as used in depreciation.
The remaining, undepreciated amount of an investment is known as
its ____________.
Percentage depletion is determined as a stated percentage
times___________.
The depreciable life of an asset is also known as the
_____________.
MACRS depreciation rates always write-off the asset's value to
_____________.
In the straight line method of depreciation, the depreciation
charge in the final year...
Indicate for each balance sheet item listed below the usual valuation reported on the balance sheet....
Indicate for each balance sheet item listed below the usual valuation reported on the balance sheet. 1. Common stock 2. Prepaid insurance 3. Natural resources 4. Property, plant, and equipment 5. Accounts receivable 6. Copyrights 7. Inventory 8. Long-term bonds payable 9. Land (in use) 10. Land (future plant site) 11. Patents 12. Equity investments (trading) 13. Accounts payable Options: Par value Current cost of replacement Amount payable when due, less unamortized discount or plus unamortized premium Amount payable when...
When a company disposes of a depreciable asset, depreciation is calculated based on the last year...
When a company disposes of a depreciable asset, depreciation is calculated based on the last year date of disposal. Question options: a) True b) False Question 2 If a company truck that cost $12,000, with a book value of $10,000 is sold for $4,000, the sale would result in a: Question options: a) Loss of $2,000. b) Gain of $4,000. c) Gain of $2,000. d) No loss or gain. Question 3 Accounting gains and losses on the disposal of depreciable...
Place T (true) or F (false) in front of each of the following statements. ____ 1....
Place T (true) or F (false) in front of each of the following statements. ____ 1. Plant assets should be written down (below cost) when their market value has declined temporarily. ____ 2. An asset's cost less its accumulated depreciation equals its fair value. ____ 3. The units of activity method of depreciation is based on the assumption that depreciation expense can be regarded as a constant function of time. ____ 4. The correction of prior periods' depreciation estimates would...
The difference between the cost of a depreciable asset and its related accumulated depreciation is referred to as the: a. market value of the asset. b. blue book value of the asset. c. book value of the asset. d. depreciated difference of the asset. 26.
The balance in the supplies account on June 1 was $5. 00 sulis purchased during June were $3,000, and the supplies on hand at June 30 were $3.500. The amount to be used for the appropriate adjusting entry a $4.000 b $4.500 c 58.500 d. $11,500. 10. 96 Depreciation expense for a period is the a original cost of an asset accumulated depreciation b. book value of the asset useful life. c. portion of an asser's cost that expired during...
Property, plant, and equipment are conventionally presented in the balance sheet at Select one: o a. original cost less residual value O b. fair value less book value 0 C. original cost less accumulated depreciation 0 d. fair value less residual value
7,8,9)
Question 7 2 pts The normal balance of the accumulated depreciation account is a debit True False Question 8 2 pts It is necessary for a company to use the same depreciation method for all of its depreciable assets True False Question 9 2 pts The difference between the balance in a fixed asset account and its related accumulated depreciation account is the asset's book value True False
OPTIONS:
Indicate for each balance sheet item listed below the usual valuation reported on the balance sheet. 1. Common stock 2. Prepaid insurance 3. Natural resources 4. Property, plant, and equipment 5. Accounts receivable 6. Copyrights 7. Inventory 8. Long-term bonds payable 9. Land (in use) 10. Land (future plant site) 11. Patents 12. Equity investments (trading) 13. Accounts payable Par value Current cost of replacement Amount payable when due, less unamortized discount or plus unamortized premium Amount payable when...
*THIS IS ONE QUESTION ONLY*
Basic depreciation concepts
Cost or factor depletion is based on _____________ level, not
time as used in depreciation.
The remaining, undepreciated amount of an investment is known as
its ____________.
Percentage depletion is determined as a stated percentage
times___________.
The depreciable life of an asset is also known as the
_____________.
MACRS depreciation rates always write-off the asset's value to
_____________.
In the straight line method of depreciation, the depreciation
charge in the final year...
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