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1.The application of the matching principle to depreciation of property,plant and

By December 6, 2021No Comments

1.The application of the matching principle to depreciation of property,plant andequipment can best be described as:A.The matching of the book value of an asset with its market value.B.Offsetting the revenue of an accounting period with the estimated decline in valueof property,plant and equipment during the accounting period.C.Offsetting revenue of an accounting period with the portion of the cost of property,plant and equipment estimated to have been used up during the accounting period.D.The matching of the depreciation expense reported in the income statement for anaccounting period with the accumulated depreciation reported in the statement offinancial position.2.Land is purchased for $256,000.Additional costs include a $15,300 fee to a broker,a survey fee of $2,400,$1,750 to construct a fence and a legal fee of $8,500.What isthe cost of the land?A.$256,000B.$281,000C.$284,600D.$282,2003.Capital expenditures are recorded as:A.An expense.B.An asset.C.A liability.D.Income.4.Revenue expenditures are recorded as:A.An expense.B.An asset.C.A liability.D.Income.5.Which of the following is not a capital expenditure?A.Advertising expenditures to introduce a new product line.B.Sales tax paid in conjunction with the purchase of new machinery.C.Installation of elevators to replace escalators.D.An amount paid to acquire a patent with a remaining life of only three years.

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