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Intermediate Accounting 19e Earl K Stice James D Stice – Test Bank
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Intermediate Accounting 19e Earl K Stice James D Stice – Test Bank

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Intermediate Accounting 19e Earl K Stice James D Stice – Test Bank

Chapter 11—Investments in Noncurrent Operating Assets-Utilization and Retirement

 

MULTIPLE CHOICE

 

  1. The sum-of-the-years’-digits method of depreciation is being used for a machine with a five-year estimated useful life. What would be the fraction applied to the cost to be depreciated in the fourth year?
a.2/5
b.4/5
c.2/15
d.4/15

 

 

ANS:  C                    PTS:   1                    DIF:    Medium          OBJ:   LO 1

TOP:   AICPA FN-Measurement                MSC:  AACSB Analytic

 

  1. Depreciation of noncurrent operating assets is an accounting process for the purpose of
a.reporting declining asset values on the balance sheet.
b.allocating asset costs over the periods benefited by use of the assets.
c.accounting for costs to reflect the change in general price levels.
d.setting aside funds to replace assets when their economic usefulness expires.

 

 

ANS:  B                    PTS:   1                    DIF:    Easy               OBJ:   LO 1

TOP:   AICPA FN-Measurement                MSC:  AACSB Analytic

 

  1. Which of the following principles best describes the conceptual rationale for the methods of matching depreciation expense with revenues?
a.Partial recognition
b.Immediate recognition
c.Systematic and rational allocation
d.Associating cause and effect

 

 

ANS:  C                    PTS:   1                    DIF:    Medium          OBJ:   LO 1

TOP:   AICPA FN-Measurement                MSC:  AACSB Analytic

 

  1. Information needed to compute a depletion charge per unit includes the
a.estimated total amount of resources available for removal.
b.amount of resources removed during the period.
c.cumulative amount of resources removed.
d.amount of resources sold during the period.

 

 

ANS:  A                   PTS:   1                    DIF:    Medium          OBJ:   LO 2

TOP:   AICPA FN-Measurement                MSC:  AACSB Analytic

 

  1. The composite depreciation method
a.is applied to a group of homogeneous assets.
b.is an accelerated method of depreciation.
c.does not recognize gain or loss on the retirement of specific assets in the group.
d.excludes salvage value from the base of the depreciation calculation.

 

 

ANS:  C                    PTS:   1                    DIF:    Medium          OBJ:   LO 1

TOP:   AICPA FN-Measurement                MSC:  AACSB Analytic

 

  1. In order to calculate the third year’s depreciation on an asset using the sum-of- the-years’-digits method, which of the following must be known about the asset?
a.Its acquisition cost
b.Its estimated salvage value
c.Its estimated useful life
d.All of these must be known.

 

 

ANS:  D                   PTS:   1                    DIF:    Medium          OBJ:   LO 1

TOP:   AICPA FN-Measurement                MSC:  AACSB Analytic

 

  1. Which of the following statements is the assumption on which straight-line depreciation is based?
a.The operating efficiency of the asset decreases in later years.
b.Service value declines as a function of obsolescence rather than time.
c.Service value declines as a function of time rather than use.
d.Physical wear and tear are more important than economic obsolescence.

 

 

ANS:  C                    PTS:   1                    DIF:    Medium          OBJ:   LO 1

TOP:   AICPA FN-Measurement                MSC:  AACSB Analytic

 

  1. A method that ignores salvage value in the early years of the asset’s life in calculating periodic depreciation expense is the
a.productive-output method.
b.group composite method.
c.sum-of-the-years’-digits method.
d.double-declining-balance method.

 

 

ANS:  D                   PTS:   1                    DIF:    Easy               OBJ:   LO 1

TOP:   AICPA FN-Measurement                MSC:  AACSB Analytic

 

  1. Which of the following is NOT required to be reported in the financial statements or disclosed in the accompanying notes?
a.Balances of major classes of noncurrent operating assets at the balance sheet date
b.Gross historical cost and accumulated amortization for intangible assets at the balance sheet date
c.Gross historical cost and accumulated depreciation for tangible noncurrent operating assets at the balance sheet date
d.A general description of the cost allocation methods used with respect to major classes of noncurrent operating assets

 

 

ANS:  B                    PTS:   1                    DIF:    Medium          OBJ:   LO 1

TOP:   AICPA FN-Reporting                      MSC:  AACSB Reflective Thinking

 

  1. Which of the following depreciation methods most closely approximates the method used to deplete the cost of natural resources?
a.Straight-line method
b.Double-declining-balance method
c.Sum-of-the-years’-digits method
d.Units-of-production method

 

 

ANS:  D                   PTS:   1                    DIF:    Easy               OBJ:   LO 2

TOP:    AICPA FN-Measurement          MSC:   AACSB Analytic

 

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