ACCT305

ACCT 305 DEVRY MIDTERM EXAM LATEST

ACCT 305 DeVry Midterm Exam Latest

Question 1. 1. (TCO 1) Productive assets that are physically consumed in operations are (Points : 5)

equipment.

natural resources.

land.

land improvements.

Question 2. 2. (TCO 3) Our company exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming the exchange lacks commercial substance, which amount is correct? (Points : 5)

Debit Cash $5,000

Debit Cash $10,000

Credit ACCT305MidtermExam Cash $5,000

Credit Cash $10,000

Question 3. 3. (TCO 2) The exclusive right to benefit from a creative work, such as a film, is a (Points : 5)

patent.

copyright.

trademark.

franchise.

Question 4. 4. (TCO 4) Depreciation (Points : 5)

is always considered a period cost.

is usually based on the declining-balance method.

per books is usually higher click here than MACRS in the early years of an asset’s life.

could be a product cost or a period cost depending on the use of the asset.

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