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ACCT 201 EXAM 3 QUESTIONS AND ANSWERS

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ACCT 201 EXAM 3 QUESTIONS AND ANSWERS

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ACCT 201 EXAM 3 QUESTIONS
AND ANSWERS

What is service life? - Answer- Estimated years the asset will be used.

What is residual value? - Answer- Expected value when the asset is sold at the end of
its life.

What is book value? - Answer- Cost minus accumulated depreciation.

Which depreciation method is most commonly used? - Answer- Straight-line method.

How is depreciation recorded for a partial year? - Answer- Multiply annual depreciation
by months used ÷ 12.

Which asset is not depreciated? - Answer- Land.

Which intangible assets are not amortized? - Answer- Indefinite-life intangibles like
goodwill and some trademarks.

How do you determine a gain on sale of an asset? - Answer- Cash received is greater
than book value.

How do you determine a loss on sale of an asset? - Answer- Cash received is less than
book value.


What rights do common stockholders have? - Answer- Vote, dividends if declared,
share in assets if dissolved.

What advantage do preferred stockholders have? - Answer- Priority dividends and asset
distribution.

What are authorized shares? - Answer- Shares the company is allowed to issue.

What are issued shares? - Answer- Shares that have been given to shareholders.

What are outstanding shares? - Answer- Issued shares minus treasury shares.

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