Accounting II Chapter 18

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A business that records its equipment in accounts such as office equipment and store equipment is applying the what concept?

Adequate disclosure

Personal property

All property not classified as real property

Plant asset record

An accounting form on which a business records information about each plant asset

The value of real property determined by tax authorities for the purpose of calculating taxes is called the:

Assessed value

The original cost of a plant asset minus accumulated depreciation is known as the ------- of a plant asset.

Book value

Plant assets are assets that stay in the plant--they cannot be moved from the building

FALSE

A year is the smallest unit of time used to calculate depreciation.

FALSE (it's month)

Most plant assets are useful for how long?

For a limited period of time.

The amount paid for a plant asset is what?

Is debited to a plant asset account

Real property

Land and anything attached to the land (real estate)

Declining balance method of depreciation

Multiplying the book value by a constant depreciation rate at the end of each fiscal period

For tax purposes, state and federal governments define two kinds of property--real and ...

Personal

Gain on plant assets

Revenue that results when a plant asset is sold for more than book value

An accounting form on which a business records information about each plant asset is called a plant asset record.

TRUE

Real property is sometimes referred to as real estate.

TRUE

Some governmental units tax personal property such as cars, boats, trailers, and airplanes.

TRUE

Using the straight line methods of depreciation requires the business to know the estimated salvage value as well as the estimated useful life of the asset.

TRUE

Accumulated depreciation for the first year is:

The annual depreciation expense for the first year

The tax rate used to calculate property taxes is multiplied by;

The assets assessed value

Generally accepted accounting principles require that the cost of a plant asset be expensed over:

The assets useful life

Loss on plant assets

The loss that results when a plant asses is sold for less than book value

Assessed value

The value of an asset enter mined by tax authorities for the purpose of calculating taxes


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