7. A company has the following assets: $23,000,000 1,500,000 Buildings and Equip

Question

7. A company has the following assets: $23,000,000 1,500,000 Buildings and Equipment, less accumulated depreciation of $4,000,000 Copyrights Patents Land 3,000,000 5,000,000 The total amount reported under Property, Plant, and Equipment would be A) $32,500,000. B) $27,000,000. C) $29,500,000. D) $28,000,000. 8. Which of the following is an inventory costing method? A) B) C) D) Periodic Specific identification Perpetual Lower of cost or market 9. The use of prenumbered checks is an example of A) B) C) D) documentation procedures. independent internal verification. establishment of responsibility. segregation of duties. 10. Expenditures that add to the utility of plant assets for more than one accounting period are A) committed expenditures. B) revenue expenditures. C) current expenditures. D) capital expenditures. 11. Which of the following methods of computing depreciation is production based? A) B) C) D) Straight-line. Declining-balance. Units-of-activity. None of these answer choices are correct.

Explanation / Answer

7 Property, Plant and Equipment=23000000+5000000=$ 28000000 8 Lower of cost or market is inventory costing method 9 The use of prenumbered checks is an example of documentation procedures. 10 Capital expenditures add to utility of plant assets for more than one accounting period. 11 Units of activity is production based

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