Question : Multiple Choice Questions 61.Which method of depreciation not acceptable for financial : 1169044

 

Multiple Choice Questions 

61.Which method of depreciation is not acceptable for financial accounting purposes?   

A. the modified accelerated cost recovery system (MACRS)

 

B. the sum-of-the-years’-digits method

 

C. the declining-balance method

 

D. the straight-line method

 

 

 

 

62.Which method of depreciation is often used to depreciate the cost of cars, trucks and other motor vehicles?   

A. the straight-line method

 

B. the sum-of-the-years’-digits method

 

C. the declining-balance method

 

D. the units-of-output method

 

 

 

 

63.A firm purchases an asset for $50,000 and estimates that it will have a useful life of five years and a salvage value of $5,000. Under the double-declining-balance method, the depreciation expense for the first year of the asset’s useful life is   

A. $9,000.

 

B. $12,000.

 

C. $18,000.

 

D. $20,000.

 

 

 

64.A firm purchases an asset for $50,000 and estimates that it will have a useful life of five years and a salvage value of $5,000. Under the double-declining-balance method, the depreciation expense for the second year of the asset’s useful life is   

A. $9,000.

 

B. $12,000.

 

C. $18,000.

 

D. $20,000.

 

 

 

65.A firm purchases an asset for $50,000 and estimates that it will have a useful life of five years and a salvage value of $5,000. Under the straight-line method, the depreciation expense for the first year of the asset’s useful life is   

A. $9,000.

 

B. $18,000.

 

C. $10,000.

 

D. $20,000.

 

 

 

66.A firm purchases an asset for $50,000 and estimates that it will have a useful life of five years and a salvage value of $5,000. Under the straight-line method, the balance in the accumulated depreciation account, after the second year, will be   

A. $9,000.

 

B. $18,000.

 

C. $10,000.

 

D. $20,000.

 

 

 

67.The entry to record the sale of equipment used in a business may include a debit to   

A. the Equipment account.

 

B. the Gain on Sale of Equipment account.

 

C. the Accumulated Depreciation—Equipment account.

 

D. the Depreciation Expense account.

 

 

 

 

68.The method of depreciation that results in the same amount of depreciation expense each year is the   

A. units-of-output method.

 

B. straight-line method.

 

C. sum-of-the-years’-digits method.

 

D. declining-balance method.

 

 

 

 

69.The book value of an asset is   

A. the market value of the asset.

 

B. the portion of the asset’s cost that has not yet been charged to expense.

 

C. the acquisition cost shown in the asset account less the estimated salvage value.

 

D. the replacement cost of the asset.

 

 

 

 

70.An asset that cost $14,000 was sold for $9,000 cash. Accumulated depreciation on the asset was $7,000. The entry to record this transaction includes the recognition of   

A. a gain of $2,000.

 

B. a loss of $5,000.

 

C. neither a gain nor a loss.

 

D. a loss of $2,000.

 

 

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more