1. Question : The factors involved in computing periodic depreciation charges for an asset do not include theStudent Answer: method of cost allocationcurrent value of the assetservice liferesidual value of the assetPoints Received: 2 of 2Comments:2. Question : Battle Co. purchased a new truck for $36,000 on June 1, 2010, with a useful life of eight years and a residual value of $4,800. If the company used double-declining-balance depreciation computed to the nearest whole year, the depreciation expense for 2011 wasStudent Answer: $6,750.00$7,687.50$5,250.00$5,850.00Points Received: 2 of 2Comments:3. Question : Which one of the following statements is not true?Student Answer: Depreciation is the process of allocating the purchase price of an asset minus its residual value to expense for each period benefited by the asset.The cost of an asset includes all acquisition costs necessary to obtain the benefits to be derived from the asset.The service life of an asset is the measure of the number of years of service expected from the asset before its disposal.The residual value of an asset is the difference between the expected book value of the asset at the end of its service and the costs of disposal.Points Received: 0 of 2Comments:4. Question : What effect does depreciation have on the calculation of the rate of return on total assets?Student Answer: affects both the numerator and denominatorno effectincreases the outcomedecreases the outcomePoints Received: 0 of 2Comments:5. Question : Depreciation of an asset based on the number of hours of usage is a(n)Student Answer: time-based methodaccelerated methodreplacement methodactivity-based methodPoints Received: 2 of 2Comments:6. Question : Which one of the following statements is true?Student Answer: One objective of depreciating an asset is to provide funds for replacement.GAAP requires the use of either straight-line or declining-balance depreciation.Straight-line depreciation results in a decreasing rate of return on total assets.Typically, the sum-of-the-years’-digits method will result in less depreciation expense in the year of acquisition than will the double-declining-balance method.Points Received: 2 of 2Comments:7. Question : Related to account for the impact of inflation on fixed assets, GAAP requiresStudent Answer: management’s discretionuse of current dollarsdollars realized in future periodsGAAP is silent on the issuePoints Received: 0 of 2Comments:8. Question : Depreciation expense under the inventory system isStudent Answer: based on cost minus residual valuebasically a FIFO approach to depreciable asset accountingthe result of applying a depreciation rate to the original costa measure of the change in the value of the depreciable assetPoints Received: 2 of 2Comments:9. Question : Which of the following depreciation methods should be used when the expected benefits to be received from an asset will decline each period?Student Answer: straight-line methodunits-of-production methodsum-of-the-years’-digits methodcompound-interest methodPoints Received: 2 of 2Comments:10. Question : On January 1, 2010, Digger purchased some equipment for $19,600. The anticipated life of the equipment was five years and residual value was estimated to be $3,100. The machine was expected to produce 600,000 units. In January of 2010, 25,000 units were produced and production was doubled in February. The company uses the activity depreciation method. What is the amount of depreciation expense for the month of February?Student Answer: $637.50$1,210.00$2,354.00$1,375.0
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