Devry ACCT 305 Week 3 Quiz Latest

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Devry ACCT 305 Week 3 Quiz Latest

 

Question 1. 1. (TCO 4) Which depreciation method multiplies a constant base by a declining fraction? (Points : 4)

Straight-line

Double declining balance

Sum-of-the-years’ digits

Composite or group

Question 2. 2. (TCO 4) Amortization refers to the cost allocation for (Points : 4)

a patent.

a building.

land.

a silver mine.

Question 3. 3. (TCO 4) The factors that need to be determined to compute depreciation are an asset’s (Points : 4)

cost, residual value, and physical life.

cost, replacement value, and service life.

fair value, residual value, and economic life.

cost, residual value, and service life.

Question 4. 4. (TCO 4) Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a 5-year life and a residual value of $6,000. Using the straight-line method, the book value at December 31, 2011 would be (Points : 4)

$57,600.

$51,600.

$58,800.

$52,800.

Question 5. 5. (TCO 4) Accounting for a change in the estimated service life of equipment (Points : 4)

is handled prospectively.

requires retroactive restatement of the prior year’s financial statements.

requires a prior period adjustment.

is a cumulative adjustment to income in the current year for the difference in depreciation under the new versus old estimates.

 

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Devry ACCT 305 Week 3 Quiz Latest

Best Devry ACCT 305 Week 3 Quiz Latest
Devry ACCT 305 Week 3 Quiz Latest

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