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ACCT 305 WEEK 3 QUIZ NEW
1. Question : (TCO 4) In the first year of an asset’s life, which of the following methods has the largest depreciation?
Composite or group.
2. Question : (TCO 4) Amortization refers to the cost allocation for:
A silver mine.
3. Question : (TCO 4) The depreciable base for an asset is:
Its service life.
The excess of its cost over residual value.
The difference between its replacement value and cost.
The amount allowable under MACRS.
4. Question : (TCO 4) Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a five-year life and a residual value of $6,000.
Using the straight-line method, depreciation for 2011 would be:
None of the above is correct.