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- What is the amount to be capitalized when repairs or improvements that significantly increase the value of an asset have been incurred but the fair value of the property is not determinable? a. The actual amount incurred for repairs or improvements b. The excess of the cost of the asset over the actual amount of repairs or improvements c. The excess of the actual repairs or improvements over the cost of the asset. d. No amount should be capitalizedWhy is the cost of certain kinds of property not recoverable at all by way of de-preciation, depletion, or amortization deductions? In addition to answering that question, give three examples of the kinds of assets that are not subject to “cost recovery”Which one of the following statements is not true regarding depreciation? a. It is a systematic, rational method of allocating the cost of an asset over its useful life b. It attempts to match the costs of acquiring an asset to the benefits to bederived from the asset c. It does not attempt to measure the value of the asset d. It provides funds for the replacement of the asset through tax savings over the asset's life
- Research and development is an internally developed intangible asset that should be: capitalized and amortized over its finite life. capitalized and reviewed for impairment over its indefinite life. expensed as incurred. treated differently from any of these choices.TRUE OR FALSE If an intangible asset is successfully defended from a legal challenge, the incurred legal costs are capitalized to the asset account.In which of the following situations would a cost incurred after an asset’s acquisition be capitalized? A.The useful life of the asset is increased. B.The amount of the expenditure must be immaterial. C.The expenditure is necessary to maintain the working order of the asset. D.There is no increase in the useful life of an asset.
- Which of the following is true about use of the modified approach? Choose the correct.a. It can be applied to all capital assets of a state or local government.b. It is used to adjust depreciation expense either up or down based on conditions for the period.c. It is required for infrastructure assets.d. For qualified assets, it eliminates the recording of depreciation.According to IAS 16 Property, Plant and Equipment, which, if any, of the following statements about depreciation are correct? The main purpose of depreciation is to reflect the fall in value of an asset over its useful life When an asset is revalued, subsequent depreciation relating to the amount of the revaluation should be debited to the revaluation surplus rather than to the income statement The provision for depreciation ensures that there are funds available to replace an asset when this becomes necessary, though in times of inflation, additional amounts may need to be set aside A change in depreciation method constitutes a change in accounting policy and must be accounted for as suchAccording to IAS 16 Property, Plant and Equipment, which, if any, of the following statements about depreciation are correct? The main purpose of depreciation is to reflect the fall in value of an asset over its useful life When an asset is revalued, subsequent depreciation relating to the amount of the revaluation should be debited to the revaluation surplus rather than to the income statement The provision for depreciation ensures that there are funds available to replace an asset when this becomes necessary, though in times of inflation, additional amounts may need to be set aside A change in depreciation method constitutes a change in accounting policy and must be accounted for as such A (1) and (4) B (2) and (3) C (4) only D None of the statements is correct
- What costs are capitalized, or added to the asset account when acquiring property and equipment? A. Only the ticketed list price of the asset purchased. B. Any cost that is considered normal and necessary to get the asset into position and condition to be used. C. The lower of cost or net realizable value. D. Any of the above are allowed by U.S. GAAP as the cost to capitalize when acquiring property and equipment.When a destroyed business asset is replaced, which of the following is true? a. The excess replacement cost over the carrying value of the destroyed asset is capitalized. b. The replacement cost is capitalized and the carrying value is deductible as loss. c. The replacement cost is capitalized and the carrying value is disregarded. d. Answer not givenThe term that applies when an intangible asset is expensed over time rather than fully expensed at the time of purchase is Group of answer choices a. Depletion b. Amortization c. Goodwill write-down d. Depreciation
