السلام عليكم
أسئلة اختيار من متعدد ..جدا مهمة في الامتحان المدتيرم
استفيدوا منها ومن يعرف إجاباتها ..أريدها ضروري للتأكد من إجاباتي
مع تحياتي
أسئلة اختيار من متعدد ..جدا مهمة في الامتحان المدتيرم
استفيدوا منها ومن يعرف إجاباتها ..أريدها ضروري للتأكد من إجاباتي
1. Which of the following costs would become part of the cost of a noncurrent asset as listed on the balance sheet (i.e., be capitalized)?
A. Freight or shipping
B. Storage
C. Taxes, tariffs, and duties
D. All of the above would become part of the cost of the asset
2. A company purchased a used asset for $250,000. This asset had already been used by the previous owner for 2 years. The current owner plans to use the asset for 6 more years and then sell it to another business. The current owner believes that at the time of the future sale, the asset will still have about 3 more years of use in it. The current owner plans to depreciate the asset using the straight-line method. What is the useful life that the accountant should use in determining the annual depreciation expense?
A. 11 years
B. 9 years
C. 8 years
D. 6 years
3. The estimated cash value of an asset that is expected to exist when an asset is taken out of service whether to be retired (i.e., scrapped) or sold to another party is known as:
A. Salvage value
B. Residual value
C. Depreciable cost
D. A and b are correct
4. A company expects to use an asset with a cost of $100,000 for a total of 50,000 service hours. It expects to use the asset 20,000 hours in Year 1; 18,000 hours in Year 2; and 12,000 hours in Year 3. If the company uses the units of production method to calculate depreciation, what would the accountant record as depreciation expense in Year 1
A. $5,000
B. $20,000
C. $33,333
D. $40,000
5. Which one of the following depreciation methods will always generate the largest amount of depreciation expense in the first year of use?
A. Straight-line.
B. Units of Production.
C. Double-declining-balance method
D. All have equal depreciation Expense.
6. A company expects to use an asset that cost $100,000 for a total of 10 years. The asset is expected to have a residual value of $2,000 at the end of the ten-year period. If the company uses the double-declining balance method, what would the accountant record for depreciation expense in Year 2?
A. $20,000
B. $19,600
C. $16,000
D. $15,680
7. ABC Company sold equipment with a cost of $20,000 and accumulated depreciation of $15,000 for $6,000 cash. How much gain or loss would the accountant record?
A. $14,000 loss
B. $6,000 gain
C. $1,000 gain
D. $9,000 loss
8. Given the following information:
Cash 20,000
Other Assets $81,000
Liabilities $20,000
Maxwell Capital $30,000
Slade Capital $40,000
Norton Capital $11,000
The other assets were sold for $60,000, and the liabilities were paid, in preparation to liquidating the partnership. Income and loss was shared evenly. Which of the following is NOT true?
a. The loss on liquidation was $21,000.
b. Maxwell's share of the ending cash balance was $23,000
c. Slade's share of the ending cash balance was $33,000
d. Norton's share of the ending cash balance was $7,000
9. Norton was paid $25,000 from the partnership cash account for his withdrawal from the partnership of Maxwell, Slade, and Norton. Their capital balances were $40,000, $60,000, and $35,000, respectively. Income and loss is shared according to the ratio of equity balances. The journal entry to record the withdrawal of Norton would NOT include:
a. a credit to cash for $25,000
b. a debit to Maxwell's capital account for $2,000
c. a credit to Slade's capital account for $6,000
d. a debit to Norton's capital account for $35,000
10. Norton invested $30,000 in the partnership of Maxwell and Slade. The capital balance of Maxwell and Slade were $30,000 and $60,000, respectively. Norton was to receive a 25% interest in the new partnership. The journal entry to record this transaction would NOT include
a. a debit to cash for $30,000
b. a credit to Norton's capital account for $30,000
c. a credit to Slade's capital account for $7,500
d. a credit to Slade's capital account for $37,500
11. A and B are partners who share profits and losses on a 2:1 basis, respectively, after a salary allowance of $12,000 is allocated to partner B. Earnings for the period total $39,000. What will be the amount credited to the Capital account of partner A when the books are closed?
a. $7,000
b. $9,000
c. $18,000
d. $19,500
12 Equipment is purchased for $50,000 and is expected to last 10 years with no salvage value. After using the asset for 4 years, the company estimates that at the end of its useful life, the salvage value will be $6,000. In the 5th year of owning the asset, amortization expense will be:
a. $5,000
b. $4,400
c. $4,000
d. $9,000
13. An asset that cost $65,000 has accumulated depreciation of $23,000 is sold for $50,000. The journal entry to record the sale of the asset would include
a. a debit to Gain on Disposal of Asset of $8,000
b. a credit to Gain on Disposal of Asset of $8,000
c. a debit to Gain on Disposal of Asset of $15,000
d. a credit to Gain on Disposal of Asset of $15,000
14. The Ophir Mining Company acquired an iron ore deposit for $2,000,000. The company's geologist estimated the deposit to contain 1,500,000 tons of iron ore. At the end of the first year, 60,000 tons had been extracted. The end-of-year journal entry to record the depletion of the iron ore would:
a. require a credit to Iron Ore Deposit of $45,000
b. require a credit to Accumulated Depletion of $80,000
c. require a debit to Depletion Expense of $50,000
d. require a debit to Accumulated Depletion of $80,000
15. A
______________________ is an expenditure that produces economic benefits that do not fully expire before the end of the current period.
a. revenue expenditure
b. capital expenditure
c. operating expense
d. ordinary repair expense
16. A $40,000, interest-bearing note payable is signed on December 26, 2002. If the note is a 120-day note, what is the maturity date for this short-term liability?
A. March 25
B. March 26
C. April 25
D. April 26
17. $20,000 cash is borrowed on a 2-month note payable. If the interest cost to borrow is $400, what is the actual interest rate on this note?
A. 10.00%
B. 12.00%
C. 20.00%
D. 22.50%
18. Obligations of a company with little uncertainty; set by agreements, contracts or laws; also called definitely determinable liabilities is:
A. Contingent Liability
B. Estimated Liability
C. Known Liability
D. Liability
A. Freight or shipping
B. Storage
C. Taxes, tariffs, and duties
D. All of the above would become part of the cost of the asset
2. A company purchased a used asset for $250,000. This asset had already been used by the previous owner for 2 years. The current owner plans to use the asset for 6 more years and then sell it to another business. The current owner believes that at the time of the future sale, the asset will still have about 3 more years of use in it. The current owner plans to depreciate the asset using the straight-line method. What is the useful life that the accountant should use in determining the annual depreciation expense?
A. 11 years
B. 9 years
C. 8 years
D. 6 years
3. The estimated cash value of an asset that is expected to exist when an asset is taken out of service whether to be retired (i.e., scrapped) or sold to another party is known as:
A. Salvage value
B. Residual value
C. Depreciable cost
D. A and b are correct
4. A company expects to use an asset with a cost of $100,000 for a total of 50,000 service hours. It expects to use the asset 20,000 hours in Year 1; 18,000 hours in Year 2; and 12,000 hours in Year 3. If the company uses the units of production method to calculate depreciation, what would the accountant record as depreciation expense in Year 1
A. $5,000
B. $20,000
C. $33,333
D. $40,000
5. Which one of the following depreciation methods will always generate the largest amount of depreciation expense in the first year of use?
A. Straight-line.
B. Units of Production.
C. Double-declining-balance method
D. All have equal depreciation Expense.
6. A company expects to use an asset that cost $100,000 for a total of 10 years. The asset is expected to have a residual value of $2,000 at the end of the ten-year period. If the company uses the double-declining balance method, what would the accountant record for depreciation expense in Year 2?
A. $20,000
B. $19,600
C. $16,000
D. $15,680
7. ABC Company sold equipment with a cost of $20,000 and accumulated depreciation of $15,000 for $6,000 cash. How much gain or loss would the accountant record?
A. $14,000 loss
B. $6,000 gain
C. $1,000 gain
D. $9,000 loss
8. Given the following information:
Cash 20,000
Other Assets $81,000
Liabilities $20,000
Maxwell Capital $30,000
Slade Capital $40,000
Norton Capital $11,000
The other assets were sold for $60,000, and the liabilities were paid, in preparation to liquidating the partnership. Income and loss was shared evenly. Which of the following is NOT true?
a. The loss on liquidation was $21,000.
b. Maxwell's share of the ending cash balance was $23,000
c. Slade's share of the ending cash balance was $33,000
d. Norton's share of the ending cash balance was $7,000
9. Norton was paid $25,000 from the partnership cash account for his withdrawal from the partnership of Maxwell, Slade, and Norton. Their capital balances were $40,000, $60,000, and $35,000, respectively. Income and loss is shared according to the ratio of equity balances. The journal entry to record the withdrawal of Norton would NOT include:
a. a credit to cash for $25,000
b. a debit to Maxwell's capital account for $2,000
c. a credit to Slade's capital account for $6,000
d. a debit to Norton's capital account for $35,000
10. Norton invested $30,000 in the partnership of Maxwell and Slade. The capital balance of Maxwell and Slade were $30,000 and $60,000, respectively. Norton was to receive a 25% interest in the new partnership. The journal entry to record this transaction would NOT include
a. a debit to cash for $30,000
b. a credit to Norton's capital account for $30,000
c. a credit to Slade's capital account for $7,500
d. a credit to Slade's capital account for $37,500
11. A and B are partners who share profits and losses on a 2:1 basis, respectively, after a salary allowance of $12,000 is allocated to partner B. Earnings for the period total $39,000. What will be the amount credited to the Capital account of partner A when the books are closed?
a. $7,000
b. $9,000
c. $18,000
d. $19,500
12 Equipment is purchased for $50,000 and is expected to last 10 years with no salvage value. After using the asset for 4 years, the company estimates that at the end of its useful life, the salvage value will be $6,000. In the 5th year of owning the asset, amortization expense will be:
a. $5,000
b. $4,400
c. $4,000
d. $9,000
13. An asset that cost $65,000 has accumulated depreciation of $23,000 is sold for $50,000. The journal entry to record the sale of the asset would include
a. a debit to Gain on Disposal of Asset of $8,000
b. a credit to Gain on Disposal of Asset of $8,000
c. a debit to Gain on Disposal of Asset of $15,000
d. a credit to Gain on Disposal of Asset of $15,000
14. The Ophir Mining Company acquired an iron ore deposit for $2,000,000. The company's geologist estimated the deposit to contain 1,500,000 tons of iron ore. At the end of the first year, 60,000 tons had been extracted. The end-of-year journal entry to record the depletion of the iron ore would:
a. require a credit to Iron Ore Deposit of $45,000
b. require a credit to Accumulated Depletion of $80,000
c. require a debit to Depletion Expense of $50,000
d. require a debit to Accumulated Depletion of $80,000
15. A
______________________ is an expenditure that produces economic benefits that do not fully expire before the end of the current period.a. revenue expenditure
b. capital expenditure
c. operating expense
d. ordinary repair expense
16. A $40,000, interest-bearing note payable is signed on December 26, 2002. If the note is a 120-day note, what is the maturity date for this short-term liability?
A. March 25
B. March 26
C. April 25
D. April 26
17. $20,000 cash is borrowed on a 2-month note payable. If the interest cost to borrow is $400, what is the actual interest rate on this note?
A. 10.00%
B. 12.00%
C. 20.00%
D. 22.50%
18. Obligations of a company with little uncertainty; set by agreements, contracts or laws; also called definitely determinable liabilities is:
A. Contingent Liability
B. Estimated Liability
C. Known Liability
D. Liability
مع تحياتي