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ACC 304 WEEK 4 QUIZ 3
ACC 304 Week 4 Quiz 3 – STR NEW
ACC 304 Week 4 Quiz 3
All Questions Included.
1. Assets classified as Property, Plant, and Equipment can be either acquired for use in operations, or acquired for resale.
2. Assets classified as Property, Plant, and Equipment must be both long-term in nature and possess physical substance.
3. When land with an old building is purchased as a future building site, the cost of removing the old building is part of the cost of the new building.
4. Insurance on equipment purchased, while the equipment is in transit, is part of the cost of the equipment.
5. Special assessments for local improvements such as street lights and sewers should be accounted for as land improvements.
6. Variable overhead costs incurred to self-construct an asset should be included in the cost of the asset.
7. Companies should assign no portion of fixed overhead to self-constructed assets.