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- When a plant asset is traded for another of similar asset, losses on the asset traded are not recognized. ____ 7. Receiving payment prior to delivering goods or services causes a current liability to be incurred. ____ 8. One of the most popular defined benefit plans is the 401K plan. ____ 9. All long-term liabilities eventually become current liabilities. ____ 10. The cost of new equipment is called a revenue expenditure because it will help generate revenues in the future True and false questions....Which of the following would likely NOT avoid UBIT for an exempt organization? A. The activity is regularly carried on by the organization. B. The individuals who perform substantially all of the work are volunteers. C. The activity is carried on for the benefit of its members. D. The majority of the items sold have been donated to the organization.Indicate whether each of the following expenditures should be classified as land, land improvements, buildings, equipment, or none of these. 1. 2. Parking lots Electricity used by a machine 3. Excavation costs 4. Interest on building construction loan 5. Cost of trial runs for machinery 6. Drainage costs 7. Cost to install a machine 8. Fences 9. Unpaid (past) property taxes assumed 10. Cost of tearing down a building when land and a building on it are purchased
- Which of the following is NOT a capital expenditure? Fire insurance premium on a new building Architect's fees for a new building Expenditure incurred in the construction of parking space for staff Costs incurred in transporting newly purchases machineryWhich of the following costs associated with a rental property could be classified as a capital improvement and depreciated instead of being considered a current expense? O repairing a broken toilet painting the kitchen building a new outdoor deck O patching a hole in the doorWhich of the following transactions would most likely be a deductible repair under s 25-10? a. Repair of damage to property that existed at the time of purchase but was not known to the purchaser. b. Repainting a rental property after purchase but before tenants move in. c. Repainting a rental property in-between tenants vacating and new tenants moving in. d. Mechanical repairs to a vehicle that was not drivable at the time of purchase.
- Which of the following statements is true? Choose the correct.I. Private not-for-profit universities must report depreciation expense.II. Public universities must report depreciation expense.a. Neither I nor II is true.b. Both I and II are true.c. Only I is true.d. Only II is true.The following expenditures shall be expensed when incurred, except O Payment in advance of delivery of goods or the rendering of services. O Start up costs O Advertising and promotion costs O Business relocation or reorganization costs Which of the following items would qualify as an intangible asset? * College tuition fees paid to employees who decide to enroll in an executive MBA program while working with the company. O Legal costs paid to intellectual property lawyers to register a patent. O Advertising and promotion on the launch of a huge product. Operating losses during the initial stages of the project. Which is not considered a research and development activity? O Design, construction and operation of a pilot plant. O Laboratory research aimed at discovery of new knowledge. O Conceptual formulation and design of possible product or process. O Routine on-going effort to refine, enrich or improve quality of existing product. Which statement is correct concerning the amortization…Which of the following is not a criterion that must be met under FASB ASC 958-605-25-16 for contributed services? a. They are provided by persons possessing required skills. b. They are provided by licensed professionals. c. They create or enhance nonfinancial assets. d. They would typically have to be purchased if not provided by the donors/volunteers.
- Depreciation expense is reported for a not-for-profit organization's equipment and furniture.Select one:TrueFalse1. Tap fees, a portion of which exceed the cost of hooking customers into the utility, should be accounted for as a. capital contributions. b. ordinary revenues. c. a combination of capital contributions and ordinary revenues. d. extraordinary items. 2. Landfill closure and postclosure costs should be recognized as expenses a. in the periods incurred. b. in the period that the landfill is closed. c. in the periods that the landfill is in operation. d. in the period in which the landfill is opened. 3. Which of the following would not be included in the computation of the amount to be recognized as a landfill closure expense? a. The total estimated closure costs b. The capacity of the landfill c. The proportion of capacity used in prior years d. An appropriate discount rate 4. A city maintains a staff of internal auditors. It may properly account for its internal audit costs in an internal service fund only if a. it is required to do so by state or city statutes or regulations. b.…The following are capital expenditures EXCEPT the decoration of office space installation of an air conditioning system O fire insurance on a building renovation of office space