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1) A graph is set up with "time" on the horizontal axis and "yearly depreciation expense" on a vertical axis. Suppose there is a linear relationships, how would graphs for straight-line and sum-of-the-years'-digits depreciation, respectively, be drawn?

A. Horizontally and sloping down to the right
B. Horizontally and sloping up to the right
C. Vertically and sloping up to the right
D. Vertically and sloping down to the right

2) Costs acquired internally to make intangibles are:

A. Expensed only if they have a limited life.
B. Expensed as acquired.
C. Capitalized if they have an indefinite life.
D. Capitalized.

3) Which of the methods of amortization given below is usually used for intangible assets?

A. Sum-of-the-years'-digits
B. Straight-line
C. Units of production
D. Double-declining-balance

4) The cost of the intangible asset comprises all of the except

A. Purchase price.
B. Legal fees.
C. Other incidental expenses.
D. All of these are included.

5) Factors considered in finding the intangible asset's useful life comprises all of the given below except

A. The expected use of the asset.
B. Any legal or contractual provisions that may limit the useful life.
C. any provisions for renewal or extension of the asset's legal life
D. The amortization method used.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M99919

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