Question : 81.The allocation of the costs of natural resources, such as : 1169027

Accounting

81.The allocation of the costs of natural resources, such as minerals, to the units produced is referred to as

A. depreciation.

B. depletion.

C. amortization.

D. salvage value.

82.When computing depreciation, the salvage value should be ignored if a company uses

A. the units-of-output method.

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

C. the declining-balance method.

D. the straight-line method.

83.The amount of a long-term asset’s impairment is

A. the difference between the asset’s current market value and historical cost.

B. the estimated net cash flows from the asset’s future use less its accumulated depreciation.

C. the current market value of the asset.

D. the amount by which the asset’s book value exceeds its market value.

84.Dom’s Delivery purchased a van for $32,000. The transportation charges were $400, sales tax was $2,240, and the license cost $250. Special shelving was installed in the van for $4,300. In addition, Dom had the company name painted on the doors. This cost the company $1,250. The total cost of the van to record in the proper asset account is

A. $40,190.

B. $40,440.

C. $38,940.

D. $39,190.

85.Which of the following is NOT a class under MACRS for personal property?

A. 5 year class

B. 7 year class

C. 10 year class

D. 27.5 year class

86.Under MACRS, the highest percent—resulting in the highest depreciation expense—occurs during which year?

A. first

B. second

C. third

D. fourth

87.Financial accounting rules (GAAP) and federal income tax rules differ for handling depreciation on the trade-in of an asset. Which of the following is correct?

A. Option A.

B. Option B.

C. Option C.

D. Option D.

88.Which of the following abides by the principle of conservatism regarding trade-ins?

A. recording only the loss

B. recording only the gain

C. recording both the loss and the gain

D. recording neither the loss nor the gain

89.For federal income tax purposes, the depletion expense deducted from income is the larger of cost depletion or ___________.

A. amount per table provided with forms

B. percentage depletion

C. units-of-output times the calculated rate per unit

D. number of units extracted times the calculated rate per unit

90.The process by which the cost of natural resources extracted are allocated is

A. depreciation.

B. amortization.

C. depletion.

D. evaluation.

91.All of the following refer to the handling of a decline in value of property, plant, and equipment except

A. depreciation.

B. impairment.

C. realization principle.

D. conservatism constraint.

92.The steps in the process of determining an impairment loss in their proper order are

A. apply the recoverability test, review circumstances that suggest impairment, compute the amount of the impairment.

B. apply the recoverability test, review circumstances that suggest impairment, record the amount of the impairment.

C. review circumstances that suggest impairment, apply the recoverability test, and compute the amount of the impairment.

D. review circumstances that suggest impairment, apply the recoverability test, record the amount of the impairment.

93.Blue Box Company was purchased for $115 million 10 years ago by the Big Box Company. The assessed (market) value of assets at the time of purchase was estimated at $90 million and the additional cash paid over the purchase price was recorded as goodwill. As a result of various product defects over the years, the market value of the Blue Box acquisition dropped to $80 million. Big Box recorded the corresponding impairment loss but instead of spinning off the division, management at Big Box invested heavily this past year in quality improvement programs that resulted in an increase in the market value of the Blue Box acquisition up to $120 million. In the current year, Big Box should

A. reinstate the original $25 million recognized as goodwill at acquisition.

B. write up Blue Box goodwill to the new $120 million market value.

C. record additional goodwill of $5 million.

D. do nothing with respect to the higher market value of Blue Box.

94.Intangible assets may be purchased or developed. If developed, they are categorized as Research and Development and

A. depreciated over their useful life.

B. amortized over their useful life.

C. depleted over their useful life.

D. expensed.

95.Amortization is the periodic transfer of an intangible’s cost to expense done on a

A. straight-line or unit-of-production basis.

B. straight-line or sum-of-the years basis.

C. declining basis or percentage depletion basis.

D. percentage depletion or straight-line basis.

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July 1, 2023

Provide 5-6 sentences reply to post below:

Identify flaws in Shawn's ideas about time management and some techniques he can use to figure out how he divides his time.
- I believe Shawn’s time management skills flaws are procrastination, the ability to prioritize, and a little bit of laziness. Some techniques he can do is simply using the calendar on his phone or a planner to write down everything he must do daily. He can save time by planning and prioritizing his daily and academic schedules with either one. Using a planner can help relieve stress knowing when assignments are due and important test dates that are coming up. Online calendars can be synced with his mobile device or tablet.
What strategies can Shawn use to take control and effectively manage his time once he figures out where his time is going?
- One of the strategies he can use is having a time management checklist. On page 55 of “The Pocket Guide to College Success” has a great example on how Shawn can prepare one for himself. Making a to-do list is also a great way of effectively managing his time. He can prioritize his challenging assignments first. To help combat the procrastination he can use the “3..2..1..” trick as a tool to get assignments done instead of waiting until the last minute.
What are some of the advantages and disadvantages of Shawn completing his coursework online, and what is the role of time management when taking online classes?
- The advantage of coursework online is being able to do it on your own time but there is still a deadline you must meet. Another is being able to do it in a setting where he can be relaxed, like a coffee shop or library. A disadvantage is that the flexibility of not having to go to class in person can contribute to his procrastination. One disadvantage of having online courses is the distractions at home when you are doing coursework. You can be easily tempted to go lay down on the couch and turn the tv on. This is where the role of time management and combating procrastination comes in. Dedicating a certain amount of time to classwork each day is a good way to succeed in college. Also dedicating some time to relax and recharge is just as important as putting the time in to do classwork.
What are some potential challenges you think Shawn will face as he navigates his current situation? Do you share any of these time management challenges? If so, what is your plan to combat them?
- Some potential challenges Shawn will face are not having the Grit to make the changes necessary to succeed and balancing his personal life with his academic schedule. Shawn shows he has some lazy tendencies by procrastinating and waiting until the last minute to do assignments and just wanting to relax all weekend. If he doesn’t make a change in his schedule to take care of his schoolwork, he will have a harder time keeping up. I do share some of his time management challenges. Having to work a full-time job and with 3 boys that have school and sports practice all over town all week and games on the weekend, any spare time I have will be dedicated to my course work. My plan to combat them is to come up with a daily/hourly planner to keep track of what free time I have and get ahead of the coursework. Currently, I have a calendar with important events written down. I think having an hourly planner will help me with better planning of my days and time management. It will also help me with balancing my personal life and academic schedule to the hour of each day.

July 1, 2023

Provide 5-6 sentences reply to post below:

Identify flaws in Shawn's ideas about time management and some techniques he can use to figure out how he divides his time.
- I believe Shawn’s time management skills flaws are procrastination, the ability to prioritize, and a little bit of laziness. Some techniques he can do is simply using the calendar on his phone or a planner to write down everything he must do daily. He can save time by planning and prioritizing his daily and academic schedules with either one. Using a planner can help relieve stress knowing when assignments are due and important test dates that are coming up. Online calendars can be synced with his mobile device or tablet.
What strategies can Shawn use to take control and effectively manage his time once he figures out where his time is going?
- One of the strategies he can use is having a time management checklist. On page 55 of “The Pocket Guide to College Success” has a great example on how Shawn can prepare one for himself. Making a to-do list is also a great way of effectively managing his time. He can prioritize his challenging assignments first. To help combat the procrastination he can use the “3..2..1..” trick as a tool to get assignments done instead of waiting until the last minute.
What are some of the advantages and disadvantages of Shawn completing his coursework online, and what is the role of time management when taking online classes?
- The advantage of coursework online is being able to do it on your own time but there is still a deadline you must meet. Another is being able to do it in a setting where he can be relaxed, like a coffee shop or library. A disadvantage is that the flexibility of not having to go to class in person can contribute to his procrastination. One disadvantage of having online courses is the distractions at home when you are doing coursework. You can be easily tempted to go lay down on the couch and turn the tv on. This is where the role of time management and combating procrastination comes in. Dedicating a certain amount of time to classwork each day is a good way to succeed in college. Also dedicating some time to relax and recharge is just as important as putting the time in to do classwork.
What are some potential challenges you think Shawn will face as he navigates his current situation? Do you share any of these time management challenges? If so, what is your plan to combat them?
- Some potential challenges Shawn will face are not having the Grit to make the changes necessary to succeed and balancing his personal life with his academic schedule. Shawn shows he has some lazy tendencies by procrastinating and waiting until the last minute to do assignments and just wanting to relax all weekend. If he doesn’t make a change in his schedule to take care of his schoolwork, he will have a harder time keeping up. I do share some of his time management challenges. Having to work a full-time job and with 3 boys that have school and sports practice all over town all week and games on the weekend, any spare time I have will be dedicated to my course work. My plan to combat them is to come up with a daily/hourly planner to keep track of what free time I have and get ahead of the coursework. Currently, I have a calendar with important events written down. I think having an hourly planner will help me with better planning of my days and time management. It will also help me with balancing my personal life and academic schedule to the hour of each day.

July 1, 2023

Provide 5-6 sentences reply to post below:

Identify flaws in Shawn's ideas about time management and some techniques he can use to figure out how he divides his time.
- I believe Shawn’s time management skills flaws are procrastination, the ability to prioritize, and a little bit of laziness. Some techniques he can do is simply using the calendar on his phone or a planner to write down everything he must do daily. He can save time by planning and prioritizing his daily and academic schedules with either one. Using a planner can help relieve stress knowing when assignments are due and important test dates that are coming up. Online calendars can be synced with his mobile device or tablet.
What strategies can Shawn use to take control and effectively manage his time once he figures out where his time is going?
- One of the strategies he can use is having a time management checklist. On page 55 of “The Pocket Guide to College Success” has a great example on how Shawn can prepare one for himself. Making a to-do list is also a great way of effectively managing his time. He can prioritize his challenging assignments first. To help combat the procrastination he can use the “3..2..1..” trick as a tool to get assignments done instead of waiting until the last minute.
What are some of the advantages and disadvantages of Shawn completing his coursework online, and what is the role of time management when taking online classes?
- The advantage of coursework online is being able to do it on your own time but there is still a deadline you must meet. Another is being able to do it in a setting where he can be relaxed, like a coffee shop or library. A disadvantage is that the flexibility of not having to go to class in person can contribute to his procrastination. One disadvantage of having online courses is the distractions at home when you are doing coursework. You can be easily tempted to go lay down on the couch and turn the tv on. This is where the role of time management and combating procrastination comes in. Dedicating a certain amount of time to classwork each day is a good way to succeed in college. Also dedicating some time to relax and recharge is just as important as putting the time in to do classwork.
What are some potential challenges you think Shawn will face as he navigates his current situation? Do you share any of these time management challenges? If so, what is your plan to combat them?
- Some potential challenges Shawn will face are not having the Grit to make the changes necessary to succeed and balancing his personal life with his academic schedule. Shawn shows he has some lazy tendencies by procrastinating and waiting until the last minute to do assignments and just wanting to relax all weekend. If he doesn’t make a change in his schedule to take care of his schoolwork, he will have a harder time keeping up. I do share some of his time management challenges. Having to work a full-time job and with 3 boys that have school and sports practice all over town all week and games on the weekend, any spare time I have will be dedicated to my course work. My plan to combat them is to come up with a daily/hourly planner to keep track of what free time I have and get ahead of the coursework. Currently, I have a calendar with important events written down. I think having an hourly planner will help me with better planning of my days and time management. It will also help me with balancing my personal life and academic schedule to the hour of each day.

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Question : 81.The allocation of the costs of natural resources, such as : 1169027

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