Question 1

For each of the following sentences , select the word or group of words that best completes the statement.
-______________________________ is (are) the right to produce or sell a published work.

Accepted Answer

Copyright is the legal protection granted to an author for the exclusive right to produce, distribute, and sell their work.

Question 2

Select the financial statement on which the user would most likely find the answer to the question given.(Select all that apply.)
-How much depreciation expense did the company report during the year?

Accepted Answer

Depreciation expense is reported on the income statement as it is an expense that affects net income. It is also reflected in the cash flow from operating activities section of the statement of cash flows, as it is added back to net income to arrive at cash generated from operations, since it is a non-cash expense.

Question 3

Interest included as part of the acquisition cost of the asset is referred to as___________ of interest.

Accepted Answer

The answer of Interest included as part of the acquisition...

Question 4

For each of the following sentences , select the word or group of words that best completes the statement.
-______________________________ is an account that can only exist if one company purchases another business and the cost exceeds the fair market values of the identifiable net assets at the time acquired.

Accepted Answer

Goodwill refers to the excess of the cost of acquisition over the fair market value of identifiable net assets. It represents intangible assets such as brand value, customer loyalty, and patents, which contribute to the company's long-term growth and profitability.

Question 5

Select where the following accounts would be reported on Coca-Cola's financial statements.(Select all that apply.)
-Gain on sale of plant asset a. Balance Sheet-Property, Plant, and Equipment
b. Balance Sheet-Intangible Assets
c. Balance Sheet-Current Assets
d. Balance Sheet-Other Assets
e. Income Statement-Operating Section
f. Income Statement-Other Revenue and Expense Section
g. Statement of Cash Flows

Accepted Answer

The answer of Select where the following accounts would be...

Question 6

The two items that must be estimated with respect to a plant asset in order to properly allocate cost to the affected accounting periods are ______________________________ and ______________________________.

Accepted Answer

The answer of The two items that must be estimated...

Question 7

Please complete the following sentences:
-
a.Accumulated amortization is used with ______________________________________.
b.Accumulated depreciation is used with ______________________________________.

Accepted Answer

The answer of Please complete the following sentences:
-
a.Accumulated amortization is...

Question 8

With respect to operating assets, the two different transactions that would appear in the investing activities category of the statement of cash flows are __________________________________ and __________________________________.

Accepted Answer

The answer of With respect to operating assets, the two...

Question 9

_________________________ depreciation is the GAAP depreciation method used most frequently.

Accepted Answer

The answer of _________________________ depreciation is the GAAP depreciation method...

Question 10

Acquisition cost is also referred to as: ________________.

Accepted Answer

The answer of Acquisition cost is also referred to as:...

Question 11

Select where the following accounts would be reported on Coca-Cola's financial statements.(Select all that apply.)
-Loss on sale of patent a. Balance Sheet-Property, Plant, and Equipment
b. Balance Sheet-Intangible Assets
c. Balance Sheet-Current Assets
d. Balance Sheet-Other Assets
e. Income Statement-Operating Section
f. Income Statement-Other Revenue and Expense Section
g. Statement of Cash Flows

Accepted Answer

The answer of Select where the following accounts would be...

Question 12

A change in estimate should be recorded_________________.

Accepted Answer

The answer of A change in estimate should be recorded_________________....

Question 13

Select the financial statement on which the user would most likely find the answer to the question given.(Select all that apply.)
-Did the company purchase any intangible assets during the year?

Accepted Answer

The purchase of intangible assets is reflected in the balance sheet as an increase in intangible assets. Additionally, the cash outflow from purchasing intangible assets would be reported in the investing activities section of the statement of cash flows.

Question 14

Select where the following accounts would be reported on Coca-Cola's financial statements.(Select all that apply.)
-Cash received from the sale of a plant asset a. Balance Sheet-Property, Plant, and Equipment
b. Balance Sheet-Intangible Assets
c. Balance Sheet-Current Assets
d. Balance Sheet-Other Assets
e. Income Statement-Operating Section
f. Income Statement-Other Revenue and Expense Section
g. Statement of Cash Flows

Accepted Answer

The answer of Select where the following accounts would be...

Question 15

Select the financial statement on which the user would most likely find the answer to the question given.(Select all that apply.)
-Did the company sell any property, plant, and equipment during the year at a gain or loss?

Accepted Answer

The income statement would report any gains or losses from the sale of property, plant, and equipment as part of the company's operating results. The statement of cash flows would show the cash received from the sale in the investing activities section, providing insight into whether the sale resulted in a gain or loss.

Question 16

Land is not a depreciable asset, but the amount allocated to the building is subject to ______________.

Accepted Answer

The answer of Land is not a depreciable asset, but...

Question 17

For each of the following items, indicate whether each would be treated as a
-Costs related to acquiring an asset, such as sales or excise taxes, transportation, insurance during shipment

Accepted Answer

Costs related to acquiring an asset, such as sales or excise taxes, transportation, insurance during shipment, are typically treated as capital expenditures as they are considered necessary to get the asset up and running for its intended purpose. These expenses are added to the cost of the asset and depreciated over its useful life.

Question 18

For each of the following sentences , select the word or group of words that best completes the statement.
-______________________________ is(are) a cost(s) that improves an operating asset and is (are) added to the asset account.

Accepted Answer

Capital expenditure refers to the cost incurred by a company to acquire or improve its fixed assets, such as property, plant, and equipment. These costs are added to the asset account and can improve the efficiency and productivity of the company. Examples of capital expenditures include the purchase of new equipment, construction of a new building, or renovation of an existing facility.

Question 19

______________________________ depreciation is the GAAP depreciation method considered to be "accelerated" in nature.

Accepted Answer

The answer of ______________________________ depreciation is the GAAP depreciation method...

Question 20

For each of the following sentences , select the word or group of words that best completes the statement.
-____________________________________ is (are) the expenditure(s) incurred in the discovery of new knowledge and the translation of research into a design or plan for a new product.

Accepted Answer

Research and development costs are specifically associated with the discovery of new knowledge and the development of new products or improvements to existing products, fitting the description provided.

Quiz 8: Operating Assets: Property, Plant and Equipment, and Intangibles

For each of the following sentences , select the word or group of words that best completes the statement. -______________________________ is (are) the right to produce or sell a published work.

Select the financial statement on which the user would most likely find the answer to the question given.(Select all that apply.) -How much depreciation expense did the company report during the year?

Interest included as part of the acquisition cost of the asset is referred to as___________ of interest.

The two items that must be estimated with respect to a plant asset in order to properly allocate cost to the affected accounting periods are and .

Please complete the following sentences: - a.Accumulated amortization is used with . b.Accumulated depreciation is used with .

With respect to operating assets, the two different transactions that would appear in the investing activities category of the statement of cash flows are and .

_________________________ depreciation is the GAAP depreciation method used most frequently.

Acquisition cost is also referred to as: ________________.

A change in estimate should be recorded_________________.

Select the financial statement on which the user would most likely find the answer to the question given.(Select all that apply.) -Did the company purchase any intangible assets during the year?

Select the financial statement on which the user would most likely find the answer to the question given.(Select all that apply.) -Did the company sell any property, plant, and equipment during the year at a gain or loss?

Land is not a depreciable asset, but the amount allocated to the building is subject to ______________.

For each of the following items, indicate whether each would be treated as a -Costs related to acquiring an asset, such as sales or excise taxes, transportation, insurance during shipment

For each of the following sentences , select the word or group of words that best completes the statement. -______________________________ is(are) a cost(s) that improves an operating asset and is (are) added to the asset account.

______________________________ depreciation is the GAAP depreciation method considered to be "accelerated" in nature.

For each of the following sentences , select the word or group of words that best completes the statement. -____________________________________ is (are) the expenditure(s) incurred in the discovery of new knowledge and the translation of research into a design or plan for a new product.

Quiz 8: Operating Assets: Property, Plant and Equipment, and Intangibles

For each of the following sentences , select the word or group of words that best completes the statement. -______________________________ is (are) the right to produce or sell a published work.

Select the financial statement on which the user would most likely find the answer to the question given.(Select all that apply.) -How much depreciation expense did the company report during the year?

Interest included as part of the acquisition cost of the asset is referred to as___________ of interest.

The two items that must be estimated with respect to a plant asset in order to properly allocate cost to the affected accounting periods are ______________________________ and ______________________________.

Please complete the following sentences: - a.Accumulated amortization is used with ______________________________________. b.Accumulated depreciation is used with ______________________________________.

With respect to operating assets, the two different transactions that would appear in the investing activities category of the statement of cash flows are __________________________________ and __________________________________.

_________________________ depreciation is the GAAP depreciation method used most frequently.

Acquisition cost is also referred to as: ________________.

A change in estimate should be recorded_________________.

Select the financial statement on which the user would most likely find the answer to the question given.(Select all that apply.) -Did the company purchase any intangible assets during the year?

Select the financial statement on which the user would most likely find the answer to the question given.(Select all that apply.) -Did the company sell any property, plant, and equipment during the year at a gain or loss?

Land is not a depreciable asset, but the amount allocated to the building is subject to ______________.

For each of the following items, indicate whether each would be treated as a -Costs related to acquiring an asset, such as sales or excise taxes, transportation, insurance during shipment

For each of the following sentences , select the word or group of words that best completes the statement. -______________________________ is(are) a cost(s) that improves an operating asset and is (are) added to the asset account.

______________________________ depreciation is the GAAP depreciation method considered to be "accelerated" in nature.

For each of the following sentences , select the word or group of words that best completes the statement. -____________________________________ is (are) the expenditure(s) incurred in the discovery of new knowledge and the translation of research into a design or plan for a new product.

The two items that must be estimated with respect to a plant asset in order to properly allocate cost to the affected accounting periods are and .

Please complete the following sentences: - a.Accumulated amortization is used with . b.Accumulated depreciation is used with .

With respect to operating assets, the two different transactions that would appear in the investing activities category of the statement of cash flows are and .