An example of a non-depreciable asset or property that can be used to earn business is ____________. Question 5 options: a) Building b) Equipment c) Patent d) Furniture
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- Which one of the following is an intangible asset? A. Vehicles B. Development costs. C. Hire purchase D. Premises1. Why is it necessary to record depreciation expense? 2. What costs are capitalized when property is purchased?For some of the fixed assets of a business, the balance in Accumulated Depreciation is exactly equal to the cost of the asset. (A) Is it permissible to record additional depreciation on the assets if they are still useful to the business? Explain. (B) When should an entry be made to remove the cost and the accumulated depreciation from the accounts? Please use at least 150 words to explain to avoid getting a bad grade.
- Which of the following is not a characteristics of an asset that us classified as property, plant and equipment? a. It has physical aubstance B. It is long term in nature C. It is acquired for use in business operations. D. It is acquired for resale. 2. Which of the following is excluded from " Property,plant and equipment? A. Major spare parts and long live stand by equipment.B. Building used in businessC. Equipment held for rentalsD. Held for sale assets 3. The initial cost of an item of property, plant, and equipment includes. A. Purchase cost B. Direct cost C. Decomissioning and restoration costD. All of these. 4.Which of the following is not capitalized as cost of land? A. Land improvements that have indifinite useful life B. Unpaid taxes on the property prior to the acquisition date not assumed by the entityC. Closing costs, such as titling and similar cost D Special assessment 5. Knife Co. Acquires a building by paying 6m and assuming a 2M unpaid mortgage on the building. How…Which one of the fixed asset accounts listed will not have a related contra asset account? a.Office Equipment b.Building c.Land d.Delivery EquipmentAll of the following would be classified as property plan, and equipment, except for a. Office buildings b. Machinery owned for standby purposes c. Equipment held for resale d. Equipment used in the operation of the business
- Based on the knowledge that you have learned from this unit and the relevant accounting standards, answer the following questions. Your answers must demonstrate your own understandings and applications of relevant accounting standards, but not a direct quote of the standards. a.Use an example to explain what are included in the original cost of property, plant, and equipment when they are initially acquired. b. What is the basic principle for valuing property, plant, and equipment acquired in exchange for other non-monetary assets? c. Use an example to illustrate how gain or loss on disposal is calculated and recorded when an item of property, plant, and equipment is disposed of.hich one of the fixed asset accounts listed will not have a related contra asset account? a.Building b.Office Equipment c.Delivery Equipment d.LandProperty income includes? a. income derived from ownership of an asset with minimum effort from the owner. b. only income from the leasing of land and building. c. income from the sale of assets. d. only interest income.
- The Cost Principle, is an important measurement principle which is used in accounting. Describe the cost principle and discuss what happens if an asset like land has an increase in the fair value. How would the company report the land? Describe the fair value principle and for what types of assets is the fair value principle used. Which measurement principle (cost or fair value) do companies use to record most assets? Example question: Eve Myles Travel Agency purchased land for $90,000 cash on December 1, 2012. On December 31, 2012, the land's value had increased to $95,000. What amount should be reported for land on Eve's balance sheet on December 31, 2012?The Home Depot financial statements appear in Appendix A at the end of this textbook. Use thesestatements to answer the following questions and indicate where in the financial statements youfound the information. a. What depreciation method does Home Depot use for buildings, furniture, fixtures, and equip-ment? What are the useful lives over which these assets are depreciated? b. From the notes to Home Depot ’s financial statements, what can you learn about the company’spolicy regarding impairment of plant assets?c. Locate Home Depot ’s balance sheet and find the section entitled “Property and Equipment, atcost.” As of January 31, 2010, determine the amount of the company’s investment in propertyand equipment and the amount of depreciation taken to date on those assets. Are these assets,taken as a whole, near the beginning or end of their estimated useful lives? Explain your answer.Can someone please help with this study guide question it’s also asks for ending balance of patents,goodwill, franchises, research and development expense, and amortization expense
