Acc 537 Week 3 Quiz

Chapter 9, Week 3 TRUE-FALSE STATEMENTS __F__1.All plant additions (fixed pluss) must be depreciated for key outing purposes. ___F_2.When purchasing land, the woos for clearing, draining, filling, and grading should be expose to a Land Improvements account. ___F_3.When purchasing delivery equipment, sales taxes and flummox vehicle licenses should be charged to Delivery Equipment. ___F_4.Land improvements atomic cast 18 generally charged to the Land account. __F__5.Once cost is constituted for a plant asset, it becomes the substructure of accounting for the asset unless the asset appreciates in value, in which case, market place value becomes the basis for accountability. _F___6. to a lower place an operating lease, both the lease asset and the liability ar shown on the residuum shred. __T__7.Certain types of leases, called outstanding leases, allow the lessee to account for the transaction as a rental. __F__8.The give value of a plant asset is always pair to its fair market value. ___T_9.Recording depreciation on plant assets affects the balance sheet and the income statement. _F___10.The depreciable cost of a plant asset is its victor cost minus obsolescence. Chapter 6, Week 3 _F___ 1.

Raw materials inventories atomic number 18 the goods that a manufacturing partnership has completed and are ready to be sold to customers. __T__2.A manufacturers inventory consists of raw materials, naturalise in process, and finished goods. __F__3.When the terms of sale are obnubilate transportation point, legal title to the goods remains with the seller until the goods throw the buyer. __T__4.Goods in tran sit shipped FOB shipping point should be inc! lude in the buyers ending inventory. __T__5.Goods that throw been purchased FOB destination but are in transit, should be excluded from a physical count of goods by the buyer. __T__6.If the ownership of production passes to the buyer when the seller delivers the merchandise for shipment, the terms are give tongue to as FOB...If you want to get a full essay, company it on our website: OrderEssay.net

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