Answered: Which one of the following tangible…

Which one of the following tangible fixed assets would not normally be ?depreciated Option 1 Equipment Machinery Land Buildings O

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 4MC: Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers...

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Which one of the following tangible fixed assets would not normally be
?depreciated
Option 1 O
Equipment
Machinery O
Land O
Buildings O

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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.
Which of the following does describe intangible assets? a. They are not lack physical existence. b. They are financial instruments. c. They provide short-term benefits. d. They are classified as long-term assets.
The ‘carrying value’ of a depreciable asset is the difference between ____? a. Depreciation and accumulated depreciation b. Cost and accumulated depreciation c. Cost and depreciation d. None of the above
How can the Gains and Losses on Depreciable Assets be determined?
The long term assets that have no physical existence but, possess a value is known as:A) Current assetsB) Fixed assetsC) Intangible assetsD) Investments
Which of the following concepts is not related to depreciation? Select one: a. Historical cost concept b. Accrual concept c. Going concern concept d. Matching concept
The allocation of the cost of a tangible asset to expense in the periods in which the asset is used is termed as: Select one: a. Depreciation b. None of the given options c. Appreciation d. Fluctuation
Which one of the following category outstanding expenses belong to? a. Intangible asset b. Current liability c. Non-current asset d. Current asset fast
Which of the following does describe intangible assets? They are not lack physical existence. They are financial instruments. They provide short-term benefits. They are classified as long-term assets.
Explain the following terms: (a)Depreciation, (b)accumulated depreciation, (c)book value, (d)fixed asset, (e)intangible asset.
Which is not an expense? A. costs of goods sold or services rendered B. loss on disposal of a noncurrent asset C. write-off of a worthless intangible D. use of entity resources E. answer not given
Which one of the following disclousures is required by generally accepted accounting principle? a. Depreciation expense for each major class of asset b. Balances of major classes of depreciable assets, by nature or function c. Accumulated depreciation on each depreciable asset d. An explanation of why the depreciation method used was selected by management