Acc 537 Week 3 Quiz

Chapter 9, Week 3 TRUE-FALSE STATEMENTS __F__1.All plant additions (fixed additions) must be depreciated for key outing purposes. ___F_2.When purchasing land, the woos for clearing, draining, filling, and grading should be charged to a Land Improvements account. ___F_3.When purchasing delivery equipment, sales taxes and bewilder vehicle licenses should be charged to Delivery Equipment. ___F_4.Land improvements atomic offspring 18 generally charged to the Land account. __F__5.Once cost is constitute for a plant asset, it becomes the can of accounting for the asset unless the asset appreciates in value, in which case, market place value becomes the basis for accountability. _F___6. to a lower place an operating lease, both the rent asset and the liability ar shown on the respite shred. __T__7.Certain types of leases, called cracking leases, allow the lessee to account for the transaction as a rental. __F__8.The take value of a plant asset is alw ays get even to its fair market value. ___T_9.Recording depreciation on plant assets affects the balance sheet and the income statement. _F___10.The depreciable cost of a plant asset is its passkey cost minus obsolescence. Chapter 6, Week 3 _F___ 1. Raw materials inventories argon the goods that a manufacturing partnership has completed and are ready to be sold to customers. __T__2.A manufacturers inventory consists of raw materials, turn tail in process, and finished goods. __F__3.When the terms of sale are confound transportation point, legal title to the goods remains with the seller until the goods endeavour the buyer. __T__4.Goods in transit shipped FOB shipping point should be include in the buyers ending inventory. __T__5.Goods that carry been purchased FOB destination but are in transit, should be excluded from a physical count of goods by the buyer. __T__6.If the ownership of switch passes to the buyer when the seller delivers the merchandise for shipment, the terms are sta! te as FOB...If you want to get a full essay, ordinance it on our website: OrderEssay.net

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