Devry ACCT 305 Week 1 Quiz Latest

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Devry ACCT 305 Week 1 Quiz Latest

 

 

Question 1. 1.(TCO 1) The acquisition costs of property, plant, and equipment do not include (Points : 4)

the ordinary and necessary costs to bring the asset to its desired condition and location for use.
the net invoice price.
legal fees, delivery charges, installation, and any applicable sales tax.
maintenance costs during the first 30 days of use.

 

Question 2. 2.(TCO 1) Cantor Corporation acquired a manufacturing facility on four acres of land for a lump-sum price of $8,000,000. The building included used but functional equipment. According to independent appraisals, the fair values were $4,500,000, $3,000,000, and $2,500,000 for the building, land, and equipment, respectively. The initial values of the building, land, and equipment would be which of the following?

Building Land Fixtures
a. $ 4,500,000 $ 3,000,000 $ 2,500,000
b. $ 4,500,000 $ 3,000,000 $ 500,000
c. $ 3,600,000 $ 2,400,000 $ 2,000,000
d. None of the above

(Points : 4)

Option a
Option b
Option c
Option d

 

Question 3. 3.(TCO 3) The basic principle used to value an asset acquired in a nonmonetary exchange is to value it at (Points : 4)

fair value of the asset(s) given up.
the book value of the asset given plus any cash or other monetary consideration received.
fair value or book value, whichever is smaller.
the book value of the asset given.

 

Question 4. 4.(TCO 1) Interest may be capitalized (Points : 4)

on routinely manufactured goods as well as self-constructed assets.
on self-constructed assets from the date an entity formally adopts a plan to build a discrete project.
whether or not there is specific borrowing for the construction.
whether or not there are actual interest costs incurred.

 

Question 5. 5.(TCO 3) Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of (Points : 4)

$26,000.
$8,000.
$(8,000).
$0.

 

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Devry ACCT 305 Week 1 Quiz Latest

Best Devry ACCT 305 Week 1 Quiz Latest
Devry ACCT 305 Week 1 Quiz Latest

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