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Chapters 1-4 The Accounting Cycle
Chapters 5-8 Current Assets
Chapters 9-11 Long-Term Assets
Chapters 12-14 Liabilities/Equities
Chapters 15-16 Using Information
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20 Managerial/Cost
Chapters 21-24 Budgeting/Decisions

Chapter 10 - Goals Achievement

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Chapter 10 – Goals Achievement

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Goals Achievement
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Question 1 of 12

1. Question
Incidental expenditures incurred when purchasing equipment (like freight, installation, and brokerage fees) that are ordinary and necessary for the acquisition should be:
- expensed as incurred
- included in an asset's cost
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Question 2 of 12

2. Question
In an apportionment of the amount paid to acquire a package of assets, the amount assigned to a specific asset is based on its relative appraised value. The approach described relates to a:
- cash purchase
- lump-sum purchase
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Question 3 of 12

3. Question
Depreciation is a process of:
- valuation
- allocation
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Question 4 of 12

4. Question
Business growth may cause certain items of depreciable property, plant, and equipment to become deficient in their service capabilities. Such action is termed:
- physical deterioration
- inadequacy
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Question 5 of 12

5. Question
Asset cost minus residual value is termed:
- book value
- depreciable base
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Question 6 of 12

6. Question
Under double-declining balance depreciation, salvage value is ignored in the preliminary depreciation calculation.
- true
- false
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Question 7 of 12

7. Question
The straight-line method (as compared to accelerated depreciation methods) generally results in the highest possible depreciation expense during an asset’s early years of usage.
- true
- false
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Question 8 of 12

8. Question
In addition to a change in estimated service life, what other type of change would likely result in a revision of depreciation amounts?
- change in useful life
- change in accumulated depreciation
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Question 9 of 12

9. Question
The Modified Accelerated Cost Recovery System is primarily used for:
- tax purposes
- financial reporting purposes
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Question 10 of 12

10. Question
A company must utilize the same depreciation methods for financial reporting and taxes purposes.
- true
- false
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Question 11 of 12

11. Question
Which party pays the other for the use of property?
- lessee
- lessor
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Question 12 of 12

12. Question
Under which type of lease does the lessee obtain the rights to use leased property for a limited period of time and treat amounts paid as expense?
- operating lease
- financing lease
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Chapters 1-4
Chapters 5-8
Chapters 9-11
Chapters 12-14
Chapters 15-16
- Chapter 15: Financial Reporting and Concepts
- Chapter 16: Financial Analysis and the Statement of Cash Flows
Chapters 17-20
Chapters 21-24
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