An example for intangible assets are O a. Machines which are no longer used in production. O b. Computer softwares. c. Buildings used for rental income. O d. Money in bank accounts.
Q: For each of the following assets, state whether the asset is tangible/intangible property,…
A: Assets: Assets are those items that provide value for money and future economic benefit for an…
Q: If
A:
Q: hich of these best explains fixed assets? a. Are expensive items bought for the business b. Are…
A: Fixed assets: Fixed assets are long-term assets that a company has purchased and is usiing for the…
Q: A company will account for some events for long-term assets that are less routine than recording…
A: Answer (6): True
Q: Consider the following transactions: Capital Expenditure Expenses a.) Acquired building for a down…
A: Introduction: Expenses: Amount spent for generating revenue called as expenses. Expenses are of two…
Q: Depreciation of a factory equipment is treated as ____, while deprecation of an automobile used for…
A: Depreciation of a factory equipment is treated as ____, while deprecation of an automobile used for…
Q: Depreciation on Office equipment would be? O DM DL мон O MOH O Selling & Administrative
A: Depreciation Expense is the indirect expenses that is to be charged to the income of the business…
Q: Which of the following would be classified as an intangible asset on the balance sheet? Mutiple…
A: These are the long-term assets that are not physical in nature but possess value. The intangible…
Q: It is the gradual diminution of the useful value of tangible property resulting from wear and tear…
A: (i) Depreciation: Depreciation is the gradual decrease in the value of the asset due to wear and…
Q: Trucks, buildings, computers, and furniture are examples of a) Intangible assets b) Tangible…
A: Assets can be both tangible and intangble
Q: the branch nonetheless records the depreciation for an asset tha is used even if the asset is…
A: Branch is a separate unit of a business which is located at a different place and running the…
Q: The process of transferring the cost of an asset to an expense account over time is called O A)…
A: Property, plant, and equipment: These assets are long lived economic resources which are owned by…
Q: Companies depreciate, or write off, the expense of tangible assets such as trucks and equipment over…
A: a) Cost of acquisition of patent rights = $8,400,000 Life = 15 years Annual amortization = Cost /…
Q: Which one of the following is an intangible asset?
A: We know that as per IAS 38 vis a vis IFRS 38 an intangible asset is an identifiable non monetary…
Q: Which is not an essential characteristic of property, plant, and equipment? a. These are tangible…
A: The balance sheet is one of the financial statements of the business, which tells about the…
Q: Which of the following groups would be classified as intangible assets for financial accounting and…
A: An intangible asset is an asset that lacks physical substance. Examples are patents, copyright,…
Q: Tom Parkey has prepared the following list of statements about depreciation. 1. Depreciation is a…
A: Depreciation is a method in accounting to allocate the cost of fixed ( tangible ) asset over its…
Q: Dennis uses the Straight-line method to depreciate vehicles in his business. He would like to know…
A: Fixed assets are those assets which are being held by the business for longer period of time.…
Q: Which of the following is not a characteristics of an asset that us classified as property, plant…
A: Note: As per the policy, we are supposed to solve one question at a time. Kindly repost the…
Q: Which transaction is not processed in the fixed asset system? a. purchase of building b. repair of…
A: Fixed Asset: The asset used by company for more than one year is known as fixed asset. Fixed asset…
Q: Does the balance in the Accumulated Depreciation— Machinery account represent funds to replace the…
A: When every year depreciation is charged on fixed assets, then accumulated depreciation is credited…
Q: Which of the following characteristics is not common to both tangible and intangible assets? a.…
A: Tangible assets refers to the assets which have physical form while intangible assets lack physical…
Q: Explain what impact these errors would have had over the last year and how you will correct them so…
A: Financial Statements:-These are statements prepared by the company in order to know its financial…
Q: I need to figure out the office equipment and computer equipment depreciation expense. Can you help?
A: Depreciation is the allocation of cost of asset over the useful life of the asset. It can be charged…
Q: Braxton Inc. is considering the write-off of a limited-life intangible because of its lack of…
A:
Q: On your own words, describe the methods that companies can implement to depreciate plant assets.
A: The methods to depreciate the plant assets are as follows, Straight Line Depreciation: This is also…
Q: Why must we have an entry to remove fully depreciated fixed assets (no salvage value) from the books…
A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…
Q: Which one of the following items is not a consideration when recording periodic depreciation expense…
A: Depreciation is the reduction in value of asset over the period of time. It is due to the normal…
Q: Provide an explanation of how losses on damaged intangible assets should be recorded in income
A: Intangible Assets are those that cannot be quantified. An intangible asset is a positive name and…
Q: The controller of Excello Manufacturing, Inc., wants to use analytical procedures toidentify the…
A: Equipment is purchased incurring a number of costs. When equipment is manufactured there are…
Q: How would you define depreciation and explain its purpose to someone who is not taking this course?…
A: Depreciation expense is the reduction in the value of assets due to normal wear and tear, the…
Q: Why aren't they fully expensed at the time they are purchased?
A: Assets : - Assets are classified into two types. 1. Fixed assets 2. Current assets Depending on…
Q: Which of the following is not an example of an intangible asset? A) Goodwill. B) Computer software.…
A: Intangible assets are those assets that do not have physical existence.It includes assets like…
Q: Why does the accounting profession make a distinction between internally created intangibles and…
A:
Q: Which of the following is true regarding special issues in accounting for long-term assets?A. An…
A: Long term assets are those assets in the business which are being held for longer period of time,…
Q: e expenditure as an asset and deplete it. Record the expenditure as an asset but do not…
A: Capital expenditure is the cost incurred due to possessing a long-term capital asset or upgrading…
Q: M/s Zintane are in the business of manufacturing and selling crushing equipment. What kind of asset…
A: The inventory owned by the business entity is considered as current assets.
Q: The Home Depot financial statements appear in Appendix A at the end of this textbook. Use…
A:
Q: 1.1.1 Which of the following is not an example of an intangible asset? (1) A) Goodwill. B) Computer…
A: Since multiple questions have been posted we will answer the first question for you as per the…
Q: Which two of the following would generally be regarded as non-current (or fixed) assets? a. A…
A: The asset refers to those resources of an entity that helps the entity to generate revenue. The…
Q: Depreciation of a factory equipment is treated as ? While depreciation of an automobile used for…
A: Overhead costs all type of indirect costs incurred for manufacture and selling of goods. These can…
Q: Which of the following statements regarding intangible assets is incorrect? A. Intangible assets…
A: Balance sheet shows the position of a firm. It is prepared at the year end and depicts the true and…
Q: A computer software purchased as an integral part of a computer-controlled machine tool that cannot…
A: Note : Since you have asked multiple questions, we will solve first question for you. If you want…
Q: hich of the following does describe intangible assets? They are not lack physical existence. They…
A: There are of of two types of asset 1) Tangible asset 2) Intangible asset It can be both short term…
Q: For each of the following assets, state whether the asset is tangible/intangible property,…
A: Asset: It can be defined as any resource or anything that is controlled and owned by the business…
Q: Which statement concerning depreciation is false? a.The only property that has a determinable life…
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period. Example:…
Q: Which of the following expenditures would be included in the cost of a fixed asset? O a. Sales taxes…
A: COST OF FIXED ASSETS: when we talk about fixed assets and the values at which they should be…
Q: Which one of the following assets could be described as a current asset? a. Stock of goods for…
A: Correct answer is A. Stock of goods for resale
Step by step
Solved in 3 steps
- Which of the following does describe intangible assets? a. They are not lack physical existence. b. They are financial instruments. c. They provide short-term benefits. d. They are classified as long-term assets.1. What are the two main characteristics of intangible assets? 2. Why does the accounting profession make a distinction between internally created intangibles and purchased intangibles? 3. What are the factors to be considered in estimating the useful life of an intangible asset? 4. What is the nature of research and development cost? 5. Indicate the proper accounting form the following items. Organization Cost Advertising Cost Operating LossesWhich of the following does describe intangible assets? They are not lack physical existence. They are financial instruments. They provide short-term benefits. They are classified as long-term assets.
- What is Salvage Value? Can you relate this concept to a non-accounting concept? The book explains the Straight - Line depreciation methods (page 396). There are other methods that are important to know. Is the idea of depreciation to match the net book value of the asset to the market value of the asset? Why or why not?Which of the following represents an event that is less routine when accounting for long-term assets? A. recording an asset purchase B. recording depreciation on an asset C. recording accumulated depreciation for an asset or asset category D. changing the estimated useful life of an assetI need to figure out the office equipment and computer equipment depreciation expense. Can you help?
- Why do we need to depreciate our property, plant, and equipment? (Discuss also the treatment of depreciation expense in the financial statements.) Please don't copy paste answers you will provide. Make it original thank you.What is Accumulated Depreciation? I'm having a hard time understanding this concept. For example, what is Accumulated Depreciation - Equipment, and how is it recorded? Please explain.Which of the following is not an example of an intangible asset? A) Goodwill.B) Computer software.C) Patents and trade marksD) Computer hardware
- Companies depreciate, or write off, the expense of tangible assets such as trucks and equipment over a period of their useful lives. Many companies also have intangible assets that must be accounted for4. How can entries be made research costs and development costs? What account do they use? For example, for other intangible assets, we purchase 'Patent' with cash and amortize them. How about R&D costs? How do they appear in journal entries? I want the names of entries. On what account do we credit and debit?Which of the following expenditures would be included in the cost of a fixed asset? Oa. Sales taxes Ob. Vandalism Oc. Uninsured theft Od. Mistakes in installation