Capital Assets Accounting Questions & Answers

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Capital Assets MCQs

A business acquired land and two buildings for a single, lump-sum purchase price of $140,000. The land was assessed for tax purposes at $50,000 and th...

An asset having a four-year service life and a salvage value of $5,000 was acquired for $45,000 cash on June 28. The amortization expense at the end o...

An asset having a four-year service life and a salvage value of $5,000 was acquired for $45,000 cash on January 2 of Year One. The amortization expens...

Asset amortization is calculated to the nearest

A(n) ______________________ is an expenditure that produces economic benefits that do not fully expire before the end of the current period.

Failure to record the year-end adjustment for amortization will result in

An asset having a four-year service life and a salvage value of $5,000 was acquired for $45,000 cash on April 5. Using straight-line amortization, the...

For which asset shown in the schedule below is a contra account maintained for the recognition of writing-off its cost over its useful life?

Which of the accounting procedures or the accounting rules applied to intangible assets is not true?

The Ophir Mining Company acquired an iron ore deposit for $2,000,000. The company’s geologist estimated the deposit to contain 1,500,000 tons of iro...

The Ophir Mining Company acquired an iron ore deposit for $2,000,000. The company’s geologist estimated the deposit to contain 1,500,000 tons of iro...

Which line of the following schedule is incorrect?

Which of the following assets has physical characteristics?

Equipment is purchased for $50,000 and is expected to last 10 years with no salvage value. After using the asset for 4 years, the company estimates th...

An asset that cost $65,000 has accumulated amortization of $23,000 is sold for $50,000. The journal entry to record the sale of the asset would includ...