ACCT 305 DEVRY FINAL EXAM LATEST
ACCT 305 DeVry Final Exam Latest
Question 1. 1. (TCO 1) The acquisition costs of property, plant, and equipment do not include (Points : 6)
the ordinary and necessary costs to bring the asset to its desired condition and location for use.
the net invoice price.
legal fees, delivery charges, installation, and any applicable sales tax.
maintenance costs during the first 30 days of use.
Question 2. 2. (TCO 2) Under International Financial Reporting Standards, development expenditures are (Points : 6)
expensed in the period incurred.
expensed in the period they are determined to be unsuccessful.
capitalized if certain criteria are met.
None of the above
Question 3. 3. (TCO 2) An exclusive 20-year right to manufacture a product or use a process is a (Points : 6)
Question 4. 4. (TCO 3) Interest check here is eligible to be capitalized as part of an asset’s cost, rather than being expensed immediately (Points : 6)
on routinely manufactured goods as well as self-constructed assets.
on self-constructed assets from the date an entity formally adopts a plan to build a discrete project.
Whether or not there is specific borrowing for the construction.
Whether or not there are actual interest costs incurred.
Question 5. 5. (TCO 3) When selling property, plant, and equipment for cash (Points : 6)
the seller recognizes a gain or loss for the difference between the cash received and the fair value of the asset sold.
the seller recognizes losses but not gains.
the seller recognizes a gain or loss for the difference between the cash ACCT 305 received and the book value of the asset sold.
None of the above
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