5.To measure depreciation, all of the following must be known except: A.the current market value of...
5.To measure depreciation, all of the following must be known
except:
A.the current market value of the asset
B.the asset's useful life in terms of years, hours, or units
C.the cost of the asset
D.the estimated residual value of the asset
6.A fully amortized asset is an asset:
A.that has reached the end of its estimated useful life
B.whose amortizable cost has reached its salvage value, and therefore is of no further use to the company
C.that has reached the end of its actual useful life
D.whose book value has reached zero, and therefore has no market value
7.When property, plant, and equipment is sold:
A.a loss should be recognized but not a gain if depreciation was taken on the asset
B.no gain or loss should be recognized if depreciation was taken on the asset
C.depreciation should be recorded through the date of sale
D.the book value of the asset should be credited to the asset account
8.Which of the following is not an intangible asset?
A.Copyright
B.Leasehold improvement
C.Patent
D.Trademark
Homework Answers
Answer :
5. Option - A, the current market value of the asset
Explanation : To measure depreciation from any method i.e straight line, double declining, units of production method, sum of digit method, there is no use of current market value of asset. Cost of asset, useful life and salvage value, all are used for clcuation of depreciation.
6. Option - B, whose amortizable cost has reached its salvage value, and therefore is of no further use to the company
Explanation :
A fully amortized asset is an asset which reaches its salvage value and therefore is of no further use to the company.
7. Option - D, the book value of the asset should be credited to the asset account
Explanation :
When property, plant, and equipment is sold, the book value of the asset should be credited to the asset account.
8. Option - B, Leasehold improvement
Explanation :
An intangible asset is an asset which has no physical existence. So, Copyright, Patent and Trademark all are intangible assets.
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