Homework Answers
7) answer is false
normal balance of accumulated depreciation account is credit as accumulated depreciation account is the provision and all the provisions have credit balance.
8) answer is false
it is not necessary for the company to use the same depreciation method for all depreciable assets
9) answer is true
difference between balance in fixed assets and its related accumulated depreciation account is assets book value
assets' cost price - accumulated depreciation = assets' book value
book value is also known as written down value
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7,8,9) Question 7 2 pts The normal balance of the accumulated depreciation account is a debit...
The difference between the balance of a fixed asset account and the related accumulated depreciation account...
The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed a.book value b.contra asset c.historical cost d.market value
Which of the following statements is false? Once you select a depreciation method, then you must...
Which of the following statements is false? Once you select a depreciation method, then you must use this method for all depreciable assets. The balance in the accumulated depreciation account will be the same at the end of an asset's useful life under all the methods allowed under GAAP. The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under GAAP. The annual depreciation expense and year-end book values...
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.
TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record...
TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to Cash. * O True O False The aging of accounts receivable examines each account receivable to estimate the amount that is uncollectible. * O True False The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. * True...
What kind of account is Accumulated Depreciation? What is the normal balance to the account? Why...
What kind of account is Accumulated Depreciation? What is the normal balance to the account? Why is this account used when we depreciate fixed assets like Building, Equipment, etc?
Non-current assets are any liabilities that are used in the operations of a business. TRUE:☐ FALSE:☐ 2....
Non-current assets are any liabilities that are used in the operations of a business. TRUE:☐ FALSE:☐ 2. The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. TRUE:☐ FALSE:☐ 3. Depreciation is the process of allocating the cost of a tangible asset in a rational and systematic manner over the asset's estimated useful life. TRUE:☐ FALSE:☐ 4. Residual value is an estimate of an asset's value at the end of...
Accumulated depreciation will show on the balance sheet: Accumulated depreciation will show on the balance sheet...
Accumulated depreciation will show on the balance sheet:
Accumulated depreciation will show on the balance sheet Multiple Choice as a liability to offset the assets. under the assets as an addition to the costs of its related assets. As an expense that decreases equity. under the assets as a deduction from the cost of its related asset.
The double-declining - balance method of depreciation causes: O A. the same amount of depreciation in...
The double-declining - balance method of depreciation causes: O A. the same amount of depreciation in early years of an asset's use as compared to other depreciation methods O B. more depreciation in early years of an asset's use as compared to other depreciation methods O c. less depreciation in early years of an asset's use as compared to other depreciation methods OD. is not an acceptable depreciation method according to GAAP A loss is recorded on the sale of...
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...
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...
Which of the following statements is false? Once you select a depreciation method, then you must use this method for all depreciable assets. The balance in the accumulated depreciation account will be the same at the end of an asset's useful life under all the methods allowed under GAAP. The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under GAAP. The annual depreciation expense and year-end book values...
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.
TechCom customer RDA Electronics paid off an $8,300 balance on its account receivable. TechCom should record the transaction as a debit to Accounts Receivable-RDA Electronics and a credit to Cash. * O True O False The aging of accounts receivable examines each account receivable to estimate the amount that is uncollectible. * O True False The cost of an asset includes all normal and reasonable expenditures necessary to get it in place and ready for its intended use. * True...
Accumulated depreciation will show on the balance sheet:
Accumulated depreciation will show on the balance sheet Multiple Choice as a liability to offset the assets. under the assets as an addition to the costs of its related assets. As an expense that decreases equity. under the assets as a deduction from the cost of its related asset.
The double-declining - balance method of depreciation causes: O A. the same amount of depreciation in early years of an asset's use as compared to other depreciation methods O B. more depreciation in early years of an asset's use as compared to other depreciation methods O c. less depreciation in early years of an asset's use as compared to other depreciation methods OD. is not an acceptable depreciation method according to GAAP A loss is recorded on the sale of...
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...
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