Quiz-5-Ch-9-10-ACC563

Apr 30th, 2015
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Strayer University
Course: business and management
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Lyle, Inc., purchased certain plant assets under a deferred payment contract on December 31, 2011. The agreement was to pay $20,000 at the time of purchase and $20,000 at the end of each of the next five years. The plant assets should be valued at Answer Selected Answer: $120,000 less imputed interest Correct Answer: $120,000 less imputed interest

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Question 1 1 out of 1 pointsLyle, Inc., purchased certain plant assets under a deferred payment contract on December 31, 2011. The agreement was to pay $20,000 at the time of purchase and $20,000 at the end of each of the next five years. The plant assets should be valued atAnswer Selected Answer: $120,000 less imputed interestCorrect Answer: $120,000 less imputed interestQuestion 2 1 out of 1 pointsThe theoretical justification for reporting depreciation expense isAnswer Selected Answer: Depreciation expense represents the allocation of the historical cost of the asset that has been applied to the accounting period.Correct Answer: Depreciation expense represents the allocation of the historical cost of the asset that has been applied to the accounting period.Question 3 1 out of 1 pointsWhen a company purchases land with a building on it and immediately tears down the building so that the land can be used for the construction of a plant, the cost incurred to tear down the building should beAnswer Selected Answer: Added to the cost of the landCorrect Answer: Added to the cost of the landQuestion 4 1 out of 1 pointsRecognizing depletion expense is an example of the accounting process of AllocationAmortizationANoNoBNoYesCYesYesDYesNoAnswer Selected Answer: CCorrect Answer: CQuestion 5 1 out of 1 pointsWhen equipment is retired, acc

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