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ACCT 304
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ACCT 304 Week 1 Quiz
1. (TCO 1) The capitalized cost of equipment
excludes 2. (TCO 1) On July 1, 2011, Larkin Co.
purchased a 400,000 tract of land that is
intended to be the site of a new office complex.
Larkin incurred additional costs and realized
salvage proceeds during 2011 as follows What
would be the balance in the land account as of
December 31, 2011? 3. (TCO 3) In a nonmonetary
exchange of equipment, if the exchange has
commercial substance, a gain is recognized if  
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ACCT 304 Week 2 Quiz
1. (TCO 2) The exclusive right to display a
symbol of product identification is a 2. (TCO 2)
Lake Incorporated purchased all of the
outstanding stock of Huron Company paying
950,000 cash. Lake assumed all of the
liabilities of Huron. Book values and fair values
of acquired assets and liabilities were 3. (TCO
2) Research and development (RD) costs 4. (TCO
2) Under U.S. GAAP, research expenditures are 5.
(TCO 2) Goodwill is
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ACCT 304 Week 2 You Decide Assignment
ACCT 304 Week 2 You Decide Assignment
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ACCT 304 Week 3 Quiz
1. (TCO 4)In the first year of an asset's life,
which of the following methods has the smallest
depreciation?  2. (TCO 4)Depletion refers to the
cost allocation for 3. (TCO 4)Depreciation,
depletion, and amortization 4. (TCO 4)Cutter
Enterprises purchased equipment for 72,000 on
January 1, 2011. The equipment is expected to
have a five-year life and a residual value of
6,000. Using the straight-line method, the book
value at December 31, 2011 would be  5. (TCO 4)A
change from the straight-line method to the
sum-of-years'-digits method of depreciation is
handled as
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ACCT 304 Week 7 Course Project
ACCT 304 Week 7 Course Project
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ACCT 304
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