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ACCT 305 WEEK 3 QUIZ NEW

ACCT 305 WEEK 3 QUIZ NEW

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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?

Straight-line.

Double-Declining balance.

Sum-of-the-years’ digits.

Composite or group.

2.            Question :           (TCO 4) Amortization refers to the cost allocation for:

A patent.

A building.

Land.

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:

$13,200.

$14,400.

$72,000.

None of the above is correct.

 

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