Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. For income statement purposes, depreciation is a variable expense if depreciation method used is:

a. units-of-production.

b. straight-line.

c. sum-of-the-years'-digits.

d. declining-balance.

2. Each year a company has been investing increasingly greater amount in machinery. As there is a large number of small items with relatively similar useful lives, the company has been applying straight-line depreciation at uniform rate to machinery as a group. Ratio of this group's total accumulated depreciation to total cost of machinery has been steadily increasing and now stands at .75 to 1.00. Most probabledescription for this increasing ratio is the

a. company must have been using one of the accelerated methods or depreciation.

b. estimated average life of machinery isles than the actual average useful life.

c. estimated average life of machinery is greater than the actual average useful life.

d. company has been retiring fully depreciated machinery that should have remained in service.

3. white Printing Company finds out that printing press used in its operations has suffered a permanent impairment in value because of technological changes. An entry to record the impairment should

a. recognize an extraordinary loss for the period.

b. include a credit to the equipment accumulated depreciation account.

c. include a credit to the equipment account.

d. not be made if the equipment is still being used.

4. Depletion expense

a. is genof cost of goods sold.

b. includes tangible equipment costs in the depletion base.

c. excludes intangible development costs from the depletion base.

d. excludes restoration costs from the depletion base.

5. The asset turnover ratio is find outd by dividing:

a. net income by ending total assets.

b. net income average total assets.

c. net sales by ending total assets.

d. net sales by average total assets.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M922568

Have any Question? 


Related Questions in Accounting Basics

Part one - sage transactionsyou will be given a fictitious

PART ONE - SAGE TRANSACTIONS You will be given a fictitious company which you will need to set up, record two months of transactions and produce financial statements for. You will need to use your professional judgement ...

Garner company began operations on january 1 2010 and uses

Garner Company began operations on January 1, 2010, and uses the average cost method of pricing inventory. Management is contemplating a change in inventory methods for 2013. The following information is available for th ...

Assignment- fraud in the accounting information systemfor

Assignment- Fraud in the Accounting Information System For this assignment, research the Internet or Strayer databases to locate a firm that was involved in a fraud and / or embezzlement case. Explain how the firm's acco ...

Question 1the following information relates to the

Question 1 The following information, relates to the imputation credit account (ICA) for Killorglin Park Fair Ltd ("Killorglin Park") for the year ending 31 March 2016. (i) The shareholders as at 31 March 2015 were Donna ...

Shown below is activity for one of the products of denver

Shown below is activity for one of the products of Denver Office Equipment: January 1 balance, 500 units @ $55 $27,500 Purchases January 10 500 units @ $60 January 20 1,000 units @ $63 Sales: January 12 800 units January ...

Part 1problem 2aagrichem industries manufactures fertilizer

Part 1 PROBLEM 2A AgriChem Industries manufactures fertilizer concentrate and uses cost standards. The fertilizer is produced in 500-pound batches; the normal level of production is 250 batches of fertilizer per month. T ...

Comprehensive problem differential apportionmentmortar

Comprehensive Problem: Differential Apportionment Mortar Corporation acquired 80 percent ownership of Granite Company on January 1, 20x7, for $173,000. At that date, the fair value of the non-controlling interest was $43 ...

Assignmentmemos are one-page 750 word minimum single-spaced

Assignment Memos are one-page (750 word minimum) single-spaced essays (no more than 10 font) and are due in the morning on Blackboard before we discuss assigned readings (a physical copy should also be brought to class). ...

Mnc paper and presentationgoogle company paper and

MNC Paper and Presentation: GOOGLE COMPANY Paper and Presentation will consist of research to write a paper on an annual SEC 10-K report filed by a public multinational corporation with the U.S. Securities and Exchange C ...

Question 1abc inc has estimated the following revenues and

Question 1 ABC Inc. has estimated the following revenues and expenses related phase I of a proposed new housing development? Incremental sales= $5,081,953, total cash expenses $3,212,751, depreciation $623,167, taxes 33% ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen