PP&E Concepts Practice Quiz

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University of Texas, El Paso *

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MISC

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Management

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Jan 9, 2024

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PP&E Concepts Quiz Grade received 100% 1. Question 1: Big Boss Building Company purchased some construction equipment to keep up with demand. The new bookkeeper booked this as an expense. Is this correct? 1 / 1 point Yes No Correct Correct! Equipment purchases should be booked as noncurrent assets. 2. Question 2: Aubergine’s Antiques took out a capital lease for a moving van to transport heavier antiques. Will they be able to depreciate this equipment? 1 / 1 point Yes No Correct Correct! An asset booked as a capital lease is treated similarly to other noncurrent assets and must be depreciated in the same manner. 3. Question 3: Adé just purchased $75 worth of new staplers for her Honey Helpers Bees business. She wants to book this as a noncurrent asset. Is that the correct way to book it? 1 / 1 point Yes No Correct Correct. General office supplies are considered a current asset when purchased new and should be booked accordingly. 4. Question 4: Jason’s Medicinal Juniper Farm recently leased a stump drilling machine for 12 months on an operating lease. Will he be able to account for disposition of this equipment at the end of the lease? 1 / 1 point Yes No Correct Correct! This is an operating lease, Jason must return the equipment to the Lessor at the end of the lease. Therefore there is no disposition.
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