Reference no: EM132590057
Question 1: A business reports $125,000 for Equipment and $93,000 for Accumulated Depreciation-Equipment on its Balance Sheet. What is the book value of the equipment?
Option 1: $93,000
Option 2: $32,000
Option 3: $125,000
Option 4: $218,000
Question 2: Depreciation is a process by which
Option 1: the decline in market value of plant and equipment is determined and recorded.
Option 2: replacement funds are accumulated for plant and equipment.
Option 3: the cost of plant and equipment is allocated to expense over the time periods which benefit from the use of the asset.
Option 4: the current market value of plant and equipment is determined and reported on the balance sheet.
Question 3: All of the following are depreciated except
Option 1: Land
Option 2: Automobiles.
Option 3: Equipment
Option 4: Land Improvements.
Question 4: To measure depreciation for a plant asset, all of the following must be known except
Option 1: Estimated residual value.
Option 2: Original/historical cost.
Option 3: Current value
Option 4: Estimated useful life.
Question 5: Equipment with a cost of $81,000 has an estimated residual value of $6,000 and an estimated useful life of 5 years. It is to be depreciated using the straight-line method. What is the amount of depreciation for the first full year?
Option 1: $75,000
Option 2: $15,000
Option 3: $17,400
Option 4: $16,200
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