Quizzes - Topic 2 - Attempt Review [PDF]

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Nhà của tôi  Các khoá học của tôi  KTQTE1-K45-KIC02-S4-NXH  Topic 2. Property, Plant and Equipment (PPEs)  Quizzes Topic 2

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Câu Hỏi 1

Chủ nhật, 31 Tháng mười 2021, 9:51 PM Finished Chủ nhật, 31 Tháng mười 2021, 10:21 PM 29 phút 29 giây 18,00/20,00 9,00 out of 10,00 (90%)

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W bought a new printing machine. The cost of machine was $80,000. The installation cost was $5,000 and the employees received training on how to use the machine, at a cost of $2,000. Before using the machine to print customer’s order, a test was undertaken and the paper and ink cost $1,000. What should be the cost of the machine in the company’s statement of financial position? Select one:

a. $88,000 b. $86,000 c. $85,000 d. $80,000

Câu Hỏi 2

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What is the purpose of charging depreciation in accounts? Select one:

a. To allocate the cost of a non-current asset over the accounting periods expected to benefit from its use b. To reduce the cost of the asset in the statement of financial position to its estimated market value c. To ensure that funds are available for the eventual replacement of the asset d. To account for the ‘wearing out’ of the asset over its life

Câu Hỏi 3

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In an exchange with commercial substance, Huang Company traded equipment with a cost of $8,200,000 and book value of $3,120,000 and gave $4,698,000 cash. The old machine had a fair value of $2,960,000. Which of the following journal entries would Huang make to record the exchange?

a. Dr Equipment: 7,658,000; Dr Accumulated Depreciation: 542,000/ Cr Equipment: 8,200,000 b. Dr Equipment:  7,658,000; Dr Loss on disposal: 160,000; Dr Accumualted Depreciation: 5,080,000 / Cr Equipment: 8,200,000; Cr Cash: 4,689,000

c. Dr Accumulated Depreciation: 5,080,000; Dr Equipment: 7,818,000/ Cr Equipment: 8,200,000; Cr Cash: 4,689,000 d. Dr Equipment: 8,208,000 / Cr Equipment: 8,200,000; Cr Cash: 8,000

Câu Hỏi 4

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The carrying value of a company’s non-current assets was $200,000 at August 20X0. During the year ended 31 Jul 20X1, the company sold non-current assets for $25,000 on which it made a loss of $5,000. The depreciation charge for the year was $20,000. What was the carrying value of non-current assets at 31 Jul 20X1? Select one:

a. $160,000 b. $150,000 c. $180,000 d. $155,000

Câu Hỏi 5

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A company bought a property 4 years ago from 1 Jan for $170,000. Since then property prices have risen substantially and the property has been revalued at $210,000. The property was estimated as having a useful life of 20 years when it was purchased. What is the balance on the revaluation surplus reported in the statement of financial position? Select one:

a. $74,000 b. $136,000 c. $34,000 d. $210,000

Câu Hỏi 6

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Which of the following statements are correct? 1/ IAS 16 Property, plant and equipment requires entities to disclose the purchase date of each asset. 2/ The carrying amount of a non-asset is the cost or valuation of that asset less accumulated depreciation. 3/ IAS 16 Property, plant and equipment permits entities to make a transfer from the revaluation surplus to retained earnings for excess depreciation on revalued assets. 4/ Once decided, the useful life of a non-current asset should not be changed. Select one:

a. 1, 2 and 4 b. 2 and 3 c. 2 and 4 d. 1, 2 and 3

Câu Hỏi 7

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Ferguson Company purchased a depreciable asset for $100,000. The estimated residual value is $10,000, and the estimated useful life is 10 years. The straight-line method will be used for depreciation. What is the depreciation base of this asset?

a. $10,000 b. $100,000 c. $9,000 d. $90,000

Câu Hỏi 8

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Which of the following should be disclosed for tangible non-current assets according to IAS 16 Property, plant and equipment? 1/ Depreciation methods used and the total depreciation allocated for the period. 2/ A reconciliation of the carrying amount of non-current assets at the beginning and end of the period. 3/ For revalued assets, whether an independent valuer was involved in the valuation. 4/ For revalued assets, the effective date for the revaluation Select one:

a. 1 and 2 b. 1, 2 and 4 c. 1, 2, 3 and 4 d. 1, 3 and 4

Câu Hỏi 9

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Which one of the following would occur if the purchase of computer stationary was debited to the computer equipment at cost account? Select one:

a. An overstatement of profit and an understatement of non-current assets b. An understatement of profit and an overstatement of non-current assets c. An overstatement of profit and an understatement of non-current assets d. An overstatement of profit and an overstatement of non-current assets

Câu Hỏi 10

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The sale of a depreciable asset resulting in a loss indicates that the proceeds from the sale were:

a. Less than current fair value. b. Greater than book value. c. Greater than cost. d. Less than book value.

Câu Hỏi 11

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A company sells machine B for $50,000 cash on 30 Apr 20X4. Machine B cost $100,000 when it was purchased and has a carrying value of $65,000 at the date of disposal. What are the journal entries to record the disposal of machine B? Select one:

a. Dr Accumulated depreciation: $35,000; Dr Cash: $50,000 / Cr Non-current assets – cost: $65,000; Cr Profit on disposal (SPL): $20,000 b. Dr Accumulated depreciation: $35,000; Dr Non-current assets – cost: $65,000 / Cr Profit on disposal (SPL): $50,000; Cr Cash: $50,000 c. Dr Accumulated depreciation: $35,000; Dr Loss on disposal (SPL): $15,000; Dr Cash: $50,000 / Cr Noncurrent assets – cost: $100,000 d. Dr Accumulated depreciation: $65,000; Dr Loss on disposal (SPL): $35,000 / Cr Non-current assets – cost: $100,000

Câu Hỏi 12

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Ecker Company purchased a new machine on May 1, 2010 for $176,000. At the time of acquisition, the machine was estimated to have a useful life of ten years and an estimated salvage value of $8,000. The company has recorded monthly depreciation using the straight-line method. On March 1, 2019, the machine was sold for $24,000. What should be the loss recognized from the sale of the machine?

a. $8,000 b. $3,600 c. $11,600.25 d. $0

Câu Hỏi 13

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Peterson Company purchased machinery for $160,000 on January 1, 2015. Straight-line depreciation has been recorded based on a $10,000 salvage value and a 5-year useful life. The machinery was sold on May 1, 2019 at a gain of $3,000. How much cash did Peterson receive from the sale of the machinery?

a. $23,000 b. $33,000 c. $43,000 d. $27,000

Câu Hỏi 14

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The term "depreciable base," or "depreciation base," as it is used in accounting, refers to

a. The total amount to be charged (debited) to expense over an asset's useful life. b. The cost of the asset less the related depreciation recorded to date. c. The acquisition cost of the asset. d. The estimated fair value of the asset at the end of its useful life.

Câu Hỏi 15

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Worthington Chandler Company purchased equipment for $10,000. Sales tax on the purchase was $500. Other costs incurred were freight charges of $200, repairs of $350 for damage during installation, and installation costs of $225. What is the cost of the equipment? a. $10,000 b. $10,500 c. $11,275 d. $10,925

Câu Hỏi 16

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Plant assets purchased on long-term credit contracts should be accounted for at:

a. The total value of the future payments. b. The future amount of the future payments. c. The present value of the future payments. d. None of these answer choices are correct.

Câu Hỏi 17

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Solar Products purchased a computer for $13,000 on July 1, 2018. The company intends to depreciate it over 4 years using the double-declining balance method. Residual value is $1,000. Depreciation for 2018 is

a. $4,875 b. $3,000 c. $6,500 d. $3,250

Câu Hỏi 18

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B acquired a lorry on 1 May 20X0 at a cost of $30,000. The lorry has an estimated useful life of four years, and an estimated resale value at the end of that time of $6,000. B charges depreciation on the straight line basis, with a proportionate charge in the period of acquisition. What will the depreciation charge for the lorry be in B’s accounting period to 30 Sept 20X0? Select one:

a. $2,000 b. $3,000 c. $2,500 d. $5,000

Câu Hỏi 19

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Which one of the following statements correctly defines non-current assets? Select one:

a. Non-monetary assets without physical substance that are controlled by the entity and from which future benefits are expected to flow b. Assets in the form of materials or supplies to be consumed in the production process c. Assets which are intended to be used by the business on a continuing basic, including both tangible and intangible assets that do not meet the IASB definition of a current asset d. Assets that are held for use in the production of goods or services and are expected to be used during more than one accounting period

Câu Hỏi 20

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Which of the following is not a capital expenditure?

a. An addition b. Repairs that maintain an asset in operating condition c. A betterment d. A replacement

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