Acct305 Week 4 Midterm Exam (2016)

Jun 23rd, 2016
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1.Property, plant, and equipment and intangible assets are (Points : 9) long-term revenue-producing assets. created by the normal operation of the business and include accounts receivable. all assets except cash and cash equivalents. current and long-term assets used in the production of either goods or services. 2.(TCO 3) Our company exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming the exchange lacks commercial substance, which amount is correct? (Points : 9) Debit Land-old $90,000 Credit Land-old $90,000 Debit Land-old $95,000 Credit Land-old $95,000 3.(TCO 2) The exclusive right to benefit from a creative work, such as a film, is a (Points : 9) patent. copyright. trademark. franchise. 4.(TCO 4) Assuming an asset is used evenly over a 4-year service life, which method of depreciation will always result in the largest amount of depreciation in the first year? (Points : 9) S

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Acct305 Week 4 Midterm Exam (2016)1.Property, plant, and equipment and intangible assets are (Points : 9)long-term revenue-producing assets.created by the normal operation of the business and include accounts receivable.all assets except cash and cash equivalents.current and long-term assets used in the production of either goods or services.2.(TCO 3) Our company exchanged land and cash of $5,000 for similar land. The book valueand the fair value of the land were $90,000 and $100,000, respectively. Assuming the exchangelacks commercial substance, which amount is correct? (Points : 9)Debit Land-old $90,000Credit Land-old $90,000Debit Land-old $95,000Credit Land-old $95,0003.(TCO 2) The exclusive right to benefit from a creative work, such as a film, is a (Points : 9)patent.copyright.trademark.franchise.4.(TCO 4) Assuming an asset is used evenly over a 4-year service life, which method ofdepreciation will always result in the largest amount of depreciation in the first year? (Points : 9)Straight-lineUnits-of-productionSum-of-the-years digitsDouble-declining balance5.(TCO 4) On September 30, 2013, our company purchased a machine for $100,000. Theestimated s

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