Plant Assets

Plant Assets

University

8 Qs

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Plant Assets

Plant Assets

Assessment

Quiz

Business

University

Medium

Created by

Reese Medina

Used 1+ times

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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is not an attribute of a plant asset?

They are long-term

The allocation of a plant asset's cost over its useful life is call amortization

The life cycle ends with its disposal

It is recorded at historical cost

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The actual cost of a plant asset is only the purchase price.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost of land does not include which of the following?

Cost of clearing the land

Title transfer fees

Delinquent property taxes

Fencing

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When an asset account increases the company has capitalized an acquired asset.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which asset does not depreciate?

Land

Building

Equipment

Land Improvements

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost of furniture and fixtures includes all the costs incurred to make the asset ready for its intended use.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The cost of machinery and equipment includes maintenance costs.

True

False

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of a capital expenditure?

expenses incurred to maintain the asset in working order

costs that increase the asset's capacity, efficiency, or extends its useful life