P-8 What distinguishes repairs expense from capitalized improvements? a) The dollar amount spent b) Whether payment is made in cash c) The timing of the expenditure d) Whether future benefits are enhanced
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P-8
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- 8. Normal repair and maintenance of an asset is an example of what? a.Revenue expenditure b.Capital expenditure c.An expenditure that will be depreciated d.An expenditure that should be avoidedWhich of the following types of subsequent expenses is not normally capitalized? Improvements Additions that increases the output Regular repairs and maintenance Installation of new parts unanswered1
- 8.1 For each of the following items, indicate whether the expenditure should be capitalized (“C”) or expensed (“E”) in the period when it was incurred: _______ A betterment _______ Replacement of a minor broken part on a machine _______ An expenditure that increases an existing asset's useful life _______ An expenditure that increases the efficiency and effectiveness of a productive asset but does not increase its residual value _______ An expenditure that increases the efficiency and effectiveness of a productive asset and its residual value _______ An expenditure that increases a productive asset's output quality _______ An overhaul to a machine that increases its fair market value and its production capacity by 30% without extending the machine's useful life _______ Ordinary repairs _______ A major overhaul _______ An expenditure that results in a 10%-per-year production cost saving _______ Costs of a major overhaul that brings the asset's condition back to “new,” with no change in…QUESTION 14 Donated assets should be recorded at historical cost. True False7 Which of the following characteristics represent an advantage of the internal rate of return techniques over the accounting rate of return technique in evaluating a project? I Recognition of the project’s salvage value. II Emphasis on cash flows. III Recognition of the time value of money. Group of answer choices II and III I, II, and III I only I and II
- Land improvements include: Oa. surveying fees. Ob. sales tax. Oc. freight. С. Od. outdoor lighting.QUESTION 17 Match the term on the left to the appropriate description on the right. v Historical cost A. The amount of a PP&E asset's acquisition cost that will be depreciated over the asset's useful life v Depreciable cost B. An asset whose value derives from rights and privileges rather than physical existence v Salvage value v Accumulated depreciation C. The capitalized acquisition cost of an asset v Intangible asset v Amortization D. The process of allocating an intangible asset's acquisition cost to expense over its useful life E. The book value of a fully-depreciated PP&E asset F. The total amount of depreciation expense that has been recorded to-date for a PP&E assetQuestion # 10 a. Over what period of time should the cost of a patent acquired by purchased be amortized? b. In general, what is the required accounting treatment for research and development costs? c. How should goodwill be amortized? they all come together is for question #10
- 69 Development expenditures Group of answer choices Are always capitalized as intangible asset Are capitalized as product cost Are always charged to expense May be charged to expense or may be capitalizedQ10 Which of the following statement is NOT correct? Select one: a. When the carrying amount of an asset is less than the recoverable amount, then an asset should have its previous impairments reversed to the value of the recoverable amount provided there is accumulated amortization to cover the difference. b. The difference between the carrying amount of an asset and the recoverable is the impairment loss if the carrying amount is greater. c. When the carrying amount of an asset is greater than the recoverable amount, then an asset should be impaired to the value of the recoverable amount d. The difference between the carrying amount of an asset and the recoverable is the impairment loss if the carrying amount is less.Identity the economic resource that has the ability to give economic benefits___________ a. Capital b. Liability c. Expense d. Asset
