Accounting 201 Final Depreciation-Plant Assets-Intangible Assets questions with answers

Accounting 201 Final Depreciation-Plant
Assets-Intangible Assets questions with
answers

Accounts |of |Plant |Assets |- |verified |answersLand, |Building, |Equipment

Land |Costs/Improvements |- |verified |answersCosts- |purchase |price, |closing |costs, |real-estate |brokers |
commission, |accrued |property |taxes

Improvements- |driveways, |parking |lots, |fences, |landscaping...

Building |Cost/Improvements |- |verified |answersCosts- |purchase |price, |closing |costs, |broker/architect |
fees...

Equipment |Cost/Improvements |- |verified |answersCosts- |purchase |price, |sales |tax, |freight |costs, |
installation.., |NOT |INSURANCE

Depreciation |- |verified |answersProcess |of |allocating |to |expense |the |cost |of |a |plant |asset |over |its |
useful |life

Depreciable |Cost |- |verified |answersCost |- |Salvage |value, |(amount |that |will |be |depreciated)

Straight-Line |Method |- |verified |answersDepreciable |cost/ |useful |life

Double |Declining |Method |- |verified |answersDoesn't |use |depreciable |cost. |2x |straight |line, |start |with |
new |balance |each |year/month |until |down |to |salvage |value

Units |of |Activity |- |verified |answersDepreciable |cost |/ |Total |units |of |activity |= |Depreciable |cost |per |
unit. |Depreciable |cost |per |unit |x |units |used |= |depreciation |expense

Disposal |of |Plant |Asset |- |verified |answersAccum |Dep.....$$$

.....Equipment.......$$$

Disposal |of |Plant |Asset |With |a |Book |Value |- |verified |answers1. |bring |depreciation |expense |up |to |date

Depreciation |Expense |$$$

......Accum |Dep |..................$$$

2. |discarding |the |asset

Accum |Dep |.........$$$

Loss |on |Disposal |$$$

.....Equipment |.............$$$ |(original |cost)