Which of the following are not “non-cash” expenses? a) Depreciation expense b) Prepaid expense c) Depletion expense d) Amortization expense
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Which of the following are not “non-cash” expenses?
- a)
Depreciation expense - b) Prepaid expense
- c) Depletion expense
- d) Amortization expense
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- Under the direct method of preparing a statement of cash flows, what adjustment is made for depreciation expense?Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.The amortization process is like what other process? A. depreciation B. valuation C. recognizing revenue D. capitalization
- Which of the following expenses apply to or may be claimed by cash basis taxpayers? a. Depreciation expense b. Amortization of prepayments c. Expenses actually incurred and paid d. All of the above None of the aboveWhich sentence is incorrect? Select one: a. Depreciation is not the actual change in the value of the asset. b. Accumulated Depreciation account has effects on the cash flow statement. c. Accumulated Depreciation is called a contra asset account. d. Depreciation is the process of allocating the cost of an asset to expense, not a valuation process.please answer the following 2 questions: 1. If there is any Depreciation, Amortization, or Depletion expense it should be ... a) added to the net income because they are cash activities b) deducted from the net income because they are cash activities c) added to the net income because they are non-cash activities d) deducted from the net income because they are non-cash activities 2. Any Gain in the income statement should be: a) deducted from the net income because they are non-cash activities b) added to the net income because they are cash activities c) deducted from the net income because they are cash activities d) added to the net income because they are non-cash activities
- If the cash amount paid to satisfy the “Asset Retirement Obligation” (ARO) account balance is greater than the ARO balance, which of the following is true? A gain should be recorded A loss should be recorded Neither a gain nor a loss should be recordedThe cost of new non-current assets is a cash payment not an expense in the statement of profit or loss? True FalseDepreciation is incorporated in cash flows because it: A. Is unavoidable cost B. Is a cash flow C. Involves an outflow D. Reduces tax liability
- Which of the following would be subtracted from net income when determining cash flows from operating activities? A. Decreade in prepaid insurance B. Depreciation expense C. Increase in accounts payable D. Gain on the sale of a Depreciation assetWhich of the following may not form part of the regular itemized deductions from the gross income? * Allowance for depreciation under cash basis Repairs and maintenance Losses NOLCO None of the abovewhat is the adjusting process of accrual and cash basis accounting ? what is depreciation ? what is depreciation expense?
