Questions from College Accounting

Q: Name two accelerated depreciation methods.

Name two accelerated depreciation methods.

Q: Which, if any, of the depreciation methods discussed in this

Which, if any, of the depreciation methods discussed in this chapter ignore(s) salvage value?

Q: Explain how double-declining-balance depreciation is computed on an

Explain how double-declining-balance depreciation is computed on an asset with a life of six years.

Q: What is the name of the process by which costs of a

What is the name of the process by which costs of a natural resource deposit are removed from the asset account as the resources are produced?

Q: Explain how to measure the gain or loss when an old asset

Explain how to measure the gain or loss when an old asset is traded in on a new one.

Q: What are the requirements for recording an intangible asset such as goodwill

What are the requirements for recording an intangible asset such as goodwill?

Q: Explain how the sum-of-the-years’-digits

Explain how the sum-of-the-years’-digits method would be applied to an asset with a life of six years.

Q: 1. How would the distinction between fixed and variable costs help

1. How would the distinction between fixed and variable costs help management in forecasting cash needs for the business? 2. Explain how a flexible budget can be used by management to help control cos...

Q: Are gains and losses on trade-in transactions recognized and recorded

Are gains and losses on trade-in transactions recognized and recorded under GAAP?

Q: What accounting treatment is given to most research costs?

What accounting treatment is given to most research costs?