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ACCT 305 DeVry Complete Quiz Package Latest

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ACCT 305 DeVry Complete Quiz Package Latest

ACCT 305 DeVry Week 1 Quiz Latest

Question 1. 1.(TCO 1) The acquisition costs of property, plant, and equipment do not include (Points : 4)

the ordinary and necessary costs to bring the asset to its desired condition and location for use.

the net invoice price.

legal fees, delivery charges, installation, and any applicable sales tax.

maintenance costs during the first 30 days of use.

Question 2. 2.(TCO 1) Cantor Corporation acquired a manufacturing facility on four acres of land for a lump-sum price of $8,000,000. The building included used but functional equipment. According to independent appraisals, the fair values were $4,500,000, $3,000,000, and $2,500,000 for the building, land, and equipment, respectively. The initial values of the building, land, and equipment would be which of the following?

Building Land Fixtures
a. $ 4,500,000 $ 3,000,000 $ 2,500,000
b. $ 4,500,000 $ 3,000,000 $ 500,000
c. $ 3,600,000 $ 2,400,000 $ 2,000,000
d. None of the above

(Points : 4)

Option a

Option b

Option c

Option d

Question 3. 3.(TCO 3) The basic principle used to value an asset acquired in a nonmonetary exchange is to value it at (Points : 4)

fair value of the asset(s) given up.

the book value of the asset given plus any cash or other monetary consideration received.

fair value or book value, whichever is smaller.

the book value of the asset given.

Question 4. 4.(TCO 1) Interest may be capitalized (Points : 4)

on routinely manufactured goods as well as self-constructed assets.

on self-constructed assets from the date an entity formally adopts a plan to build a discrete project.

whether or not there is specific borrowing for the construction.

whether or not there are actual interest costs incurred.

Question 5. 5.(TCO 3) Alamos Co. exchanged equipment and $18,000 cash for similar equipment. The book value and the fair value of the old equipment were $82,000 and $90,000, respectively. Assuming that the exchange has commercial substance, Alamos would record a gain/(loss) of (Points : 4)

$26,000.

$8,000.

$(8,000).

$0.

ACCT 305 DeVry Week 2 Quiz Latest

Operational Assets—Intangibles and Research/Development – Quiz 1.

1. (TCO 2) An exclusive 20-year right to manufacture a product or use a process is a (Points : 4)

patent.

copyright.

trademark.

franchise.

2. (TCO 2) Our company purchased all of the outstanding stock of another company, paying $2,700,000 cash. Our company assumed all of the liabilities of other company. Book values and fair values of acquired assets and liabilities were as follows.

Book Value Fair Value

Current assets, net $ 420,000 $ 450,000

Property, plant and equipment, net $ 1,600,000 $ 2,250,000

Liabilities $ 500,000 $ 600,000

Our company would record goodwill of (Points : 4)

$1,180,000.

$600,000.

$880,000.

$100,000.

3. (TCO 2) Software development costs are capitalized if they are incurred (Points : 4)

prior to the point at which technological feasibility has been established.

after commercial production has begun.

after technological feasibility has been established but prior to the product availability date.

None of the above

4. (TCO 2) Under U.S. GAAP, research expenditures are (Points : 4)

expensed in the period incurred.

expensed in the period they are determined to be unsuccessful.

capitalized if certain criteria are met.

expensed if unsuccessful, capitalized if successful.

5. (TCO 2) Goodwill has (Points : 4)

a life of 70 years.

an indefinite life.

a life of 20 years.

a life of 40 years.

ACCT 305 DeVry Week 3 Quiz Latest

Question 1. 1. (TCO 4) Which depreciation method multiplies a constant base by a declining fraction? (Points : 4)

Straight-line

Double declining balance

Sum-of-the-years’ digits

Composite or group

Question 2. 2. (TCO 4) Amortization refers to the cost allocation for (Points : 4)

a patent.

a building.

land.

a silver mine.

Question 3. 3. (TCO 4) The factors that need to be determined to compute depreciation are an asset’s (Points : 4)

cost, residual value, and physical life.

cost, replacement value, and service life.

fair value, residual value, and economic life.

cost, residual value, and service life.

Question 4. 4. (TCO 4) Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a 5-year life and a residual value of $6,000. Using the straight-line method, the book value at December 31, 2011 would be (Points : 4)

$57,600.

$51,600.

$58,800.

$52,800.

Question 5. 5. (TCO 4) Accounting for a change in the estimated service life of equipment (Points : 4)

is handled prospectively.

requires retroactive restatement of the prior year’s financial statements.

requires a prior period adjustment.

is a cumulative adjustment to income in the current year for the difference in depreciation under the new versus old estimates.

ACCT 305 DeVry Week 7 Quiz Latest

Question 1.1.(TCO 8) For the lessee to account for a lease as a capital lease, the lease must meet (Points : 4)

all four of the criteria specified by GAAP regarding accounting for leases.

any one of the six criteria specified by GAAP regarding accounting for leases.

any two of the criteria specified by GAAP regarding accounting for leases.

any one of the four criteria specified by GAAP regarding accounting for leases.

Question 2.2.(TCO 8) From the perspective of the lessee, leases may be classified as either (Points : 4)

direct-financing or sales-type.

capital or direct-financing.

capital or operating.

direct-financing or operating.

Question 3.3.(TCO 8) One of the four criteria for a capital lease specifies that the lease term be equal to or greater than (Points : 4)

75% of the expected economic life of the leased property.

90% of the expected economic life of the leased property.

80% of the expected economic life of the leased property.

50% of the expected economic life of the leased property.

Question 4.4.(TCO 8) On February 1, 2011, our company became the lessee of equipment under a five-year, no cancelable lease. The estimated economic life of the equipment is eight years. The fair value of the equipment was $600,000. The lease does not meet the definition of a capital lease in terms of a bargain purchase option, transfer of title, or the lease term. However, we must classify this as a capital lease if the present value of the minimum lease payments is at least (Points : 4)

$600,000.

$540,000.

$450,000.

$405,000.

Question 5.5.(TCO 8) Which of the following would a lessee not record in connection with a lease? (Points : 4)

Lease Revenue

Amortization Expense

Interest Revenue

Lease Expense