Q.1.
Which fixed asset is LEAST likely to lose its value over time?
Q.2.
The original cost of a plant asset minus accumulated depreciation. (p. 451)
Q.3.
The total amount of depreciation expense that has been recorded since the purchase of a plant asset is called
Q.4.
A milling machine was bought for $200,and has accumulated depreciation of $65,On February 20th, the company disposed of the machine receiving nothing in return. How would you record the loss on the disposal of the milling machine?
Q.5.
Because of land’s permanent nature, it is not subject to depreciation.
Q.6.
Calculating the estimated annual depreciation expense based on the amount of production expected from a plant asset.
Q.7.
Recording an equal amount of depreciation expense for a plant asset in each year of its useful life.
Q.8.
The amount that will be received for an asset at the time of its disposal.
Q.9.
Land and anything attached to it; also called real estate.
Q.10.
Cash and other assets expected to be exchanged for cash or consumed within a year.
Q.11.
A type of accelerated depreciation that multiplies the book value of an asset by a constant depreciation rate to determine annual depreciation.
Q.12.
The decrease in the value of a plant asset because of the removal of a natural resource.
Q.13.
Revenue that results when a plant asset is sold for more than book value.
Q.14.
A method that recognizes one half of a year's depreciation in the year of acquisition.
Q.15.
The loss that results when a plant asset is sold for less than book value.
Q.16.
The tax rate used to calculate property taxes.
Q.17.
A depreciation method required by the Internal Revenue Service to be used for income tax calculation purposes for most plant assets.
Q.18.
A method that recognizes a full year's depreciation if the asset is acquired in the first half of the year.
Q.19.
All property not classified as real property.
Q.20.
An accounting form on which a business records information about each plant asset.