ACCT 6640 Quiz Submissions - Week 3 – Quiz Questions and Answers 100% Correct;
Assurance -Western School - Chartered Professional Accountants of Canada
Assume that equipment acquired at a cost of $10,000 is fully depreciated. On June 30, the equipment is discarded. The entry to
record the discard would be to debit __________ and credit __________.
A) Equipment; Accumulated Depreciation—Equipment
B) Accumulated Depreciation—Equipment; Equipment
C) Equipment; Depreciation Expense—Equipment
D) Accumulated Depreciation—Equipment; Depreciation Expense—Equipment - Answer B) Accumulated Depreciation—
Equipment; Equipment
The entry to record the sale of equipment at book value would include a __________ to __________.
A) debit; Loss on Sale of Equipment
B) credit; Cash
C) debit; Accumulated Depreciation
D) credit; Accumulated Depreciation - Answer C) debit; Accumulated Depreciation
Which of the following is a characteristic of natural resources?
A) Removed for sale
B) Naturally occurring
C) Removed and sold over more than one year
D) All of these choices are correct. - Answer D) All of these choices are correct.
The journal entry to record depletion would include a _____ to _____.
A) debit; Depletion Expense
B) credit; Depletion Expense
C) debit; Accumulated Depreciation
, D) credit; Natural Resource Expense - Answer A) debit; Depletion Expense
The entry to record the amortization of a patent would include a debit to __________ and a credit to __________.
A) Amortization Expense; Patents
B) Amortization Expense; Accumulated Amortization
C) Patents; Accumulated Amortization
D) Patents Expense; Accumulated Amortization - Answer A) Amortization Expense; Patents
Which industry has the highest percentage of fixed assets to total assets?
A) Software
B) Food retail
C) Heavy industry
D) Merchandise retail - Answer B) Food retail
Which is a characteristic of a fixed asset?
A) Short-term and impermanent.
B) Only leased, not owned, by the company but used in normal operations.
C) Exist physically so they are tangible assets.
D) Offered for sale as part of normal operations. - Answer C) Exist physically so they are tangible assets.
Which industry has the lowest percentage of fixed assets to total assets?
A) Entertainment
B) Social media
C) Transportation
D) Software - Answer D) Software
All of the following are considered fixed assets EXCEPT
Assurance -Western School - Chartered Professional Accountants of Canada
Assume that equipment acquired at a cost of $10,000 is fully depreciated. On June 30, the equipment is discarded. The entry to
record the discard would be to debit __________ and credit __________.
A) Equipment; Accumulated Depreciation—Equipment
B) Accumulated Depreciation—Equipment; Equipment
C) Equipment; Depreciation Expense—Equipment
D) Accumulated Depreciation—Equipment; Depreciation Expense—Equipment - Answer B) Accumulated Depreciation—
Equipment; Equipment
The entry to record the sale of equipment at book value would include a __________ to __________.
A) debit; Loss on Sale of Equipment
B) credit; Cash
C) debit; Accumulated Depreciation
D) credit; Accumulated Depreciation - Answer C) debit; Accumulated Depreciation
Which of the following is a characteristic of natural resources?
A) Removed for sale
B) Naturally occurring
C) Removed and sold over more than one year
D) All of these choices are correct. - Answer D) All of these choices are correct.
The journal entry to record depletion would include a _____ to _____.
A) debit; Depletion Expense
B) credit; Depletion Expense
C) debit; Accumulated Depreciation
, D) credit; Natural Resource Expense - Answer A) debit; Depletion Expense
The entry to record the amortization of a patent would include a debit to __________ and a credit to __________.
A) Amortization Expense; Patents
B) Amortization Expense; Accumulated Amortization
C) Patents; Accumulated Amortization
D) Patents Expense; Accumulated Amortization - Answer A) Amortization Expense; Patents
Which industry has the highest percentage of fixed assets to total assets?
A) Software
B) Food retail
C) Heavy industry
D) Merchandise retail - Answer B) Food retail
Which is a characteristic of a fixed asset?
A) Short-term and impermanent.
B) Only leased, not owned, by the company but used in normal operations.
C) Exist physically so they are tangible assets.
D) Offered for sale as part of normal operations. - Answer C) Exist physically so they are tangible assets.
Which industry has the lowest percentage of fixed assets to total assets?
A) Entertainment
B) Social media
C) Transportation
D) Software - Answer D) Software
All of the following are considered fixed assets EXCEPT
