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REVISION 2 : TOPIC 7, 8 & 9

Authored by Mas Mohd

Professional Development, Education, Business

1st Grade - University

20 Questions

Used 13+ times

REVISION 2 : TOPIC 7, 8 & 9
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A characteristic of capital expenditures is that the expenditures occur frequently during the period of ownership of the fixed asset.

TRUE

FALSE

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Additions and improvements to a fixed asset that increase the asset's operating efficiency, productive capacity, or expected useful life are recorded as operational expenses for the current period.

TRUE

FALSE

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Recording depreciation each period is an application of the expense recognition concept/principle.

TRUE

FALSE

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Once an asset is fully depreciated, no additional depreciation can be taken even though the asset is still being used by the business.

TRUE

FALSE

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The book value of a fixed asset is the amount originally paid for the asset less the latest accumulated depreciation amount.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The easiest method to apply in inventory evaluation is

last-in, first-out (LIFO)

first-in, first-out (FIFO)

weighted average

standard cost

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The inventory evaluation method which does not represent the actual ending inventory value is

last-in, first-out (LIFO)

first-in, first-out (FIFO)

weighted average

standard cost

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