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Chapter #10 Name MULTIPLE CHOICE QUESTIONS Land improvements should be depreciated over the useful life...

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Accounting

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Chapter #10 Name MULTIPLE CHOICE QUESTIONS Land improvements should be depreciated over the useful life of the a. land b. buildings on the land c. and or land improvements, whichever is longer d. land improvements. 2. All of the following factors in computing depreciation are estimates except a. COst. b. residual value c. salvage value d. useful life The balance in the Accumulated Depreciation account represents the a. cash fund to be used to replace plant assets. b. amount to be deducted from the cost of the plant asset to arrive at its fair market value. c. amount credited to expense in the current period. d. amount charged to expense since the acquisition of the plant asset. iation is the process of allocating the cost of a plant asset over its service life in a. an equal and equitable manner b. an accelerated and accurate manner c. a systematic and rational manner d. a conservative market-based manner 5. The book value of an asset is equal to the a. b. c. d. asset's market value less its historical cost. blue book value relied on by secondary markets. replacement cost of the asset. asset's cost less accumulated depreciation. 5

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