Final Quiz Practice
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Top of Form 1. A company receives a 10%, 90-day note for $1,500. The total interest due upon the maturity date is: (Points : 1) | $37.50 | 2. A company receives a 6.2%, 60-day note for $9,650. The total amount of cash due on the maturity date is: (Points : 1) | $9,749.72 | 3. The amount due on the date of maturity for a $6,000, 60-day 8%, note receivable is: (Points : 1) | $6,080 | 4. Plant assets are: (Points : 1) | Used in operations | 5. Once the estimated depreciation expense for an asset is calculated: (Points : 1) | It may be revised based on new information | 6. When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $23,000 and its estimated salvage value is $1,500. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: (Points : 1) | $5,375.00 | 7. A company's annual accounting period ends on December 31. During the current year a depreciable asset which cost $24,000 was purchased on October 1. The asset has a $1,000 estimated salvage value. The company uses straight-line depreciation and expects the asset to have a 6-year life. What is the total depreciation expense for the current year? (Points : 1) | $958.33 | 8. Both the straight-line depreciation method and the double-declining-balance depreciation method: (Points : 1) | Produce the same total depreciation over an asset's useful life | 9. Total asset turnover is used to evaluate: (Points : 1) | The efficiency of management's use of assets to generate sales | 10. Dell had net sales of $35,404 million. Its average total assets for the period were $14,502 million. Dell's total asset turnover is
Top of Form 1. A company receives a 10%, 90-day note for $1,500. The total interest due upon the maturity date is: (Points : 1) | $37.50 | 2. A company receives a 6.2%, 60-day note for $9,650. The total amount of cash due on the maturity date is: (Points : 1) | $9,749.72 | 3. The amount due on the date of maturity for a $6,000, 60-day 8%, note receivable is: (Points : 1) | $6,080 | 4. Plant assets are: (Points : 1) | Used in operations | 5. Once the estimated depreciation expense for an asset is calculated: (Points : 1) | It may be revised based on new information | 6. When originally purchased, a vehicle had an estimated useful life of 8 years. The vehicle cost $23,000 and its estimated salvage value is $1,500. After 4 years of straight-line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: (Points : 1) | $5,375.00 | 7. A company's annual accounting period ends on December 31. During the current year a depreciable asset which cost $24,000 was purchased on October 1. The asset has a $1,000 estimated salvage value. The company uses straight-line depreciation and expects the asset to have a 6-year life. What is the total depreciation expense for the current year? (Points : 1) | $958.33 | 8. Both the straight-line depreciation method and the double-declining-balance depreciation method: (Points : 1) | Produce the same total depreciation over an asset's useful life | 9. Total asset turnover is used to evaluate: (Points : 1) | The efficiency of management's use of assets to generate sales | 10. Dell had net sales of $35,404 million. Its average total assets for the period were $14,502 million. Dell's total asset turnover is