4 Written Questions
4 Multiple Choice Questions
- -the fixed asset's initial cost.
-it's expected useful life
-it's estimated value at the end of its useful life.
- the estimated value at the end of a fixed asset's useful life.
- when a fixed asset can no longer provide the service that it is intended to do.
- An expenditure that improves a fixed asset's operating efficiency for the remainder of its useful life.
3 True/False Questions
Extraordinary repair → the estimated value at the end of a fixed asset's useful life.
Capitol expenditures → The cost of acquiring fixed assets, adding to a fixed asset, improving a fixed asset, or extending a fixed assets useful life.
Depreciation → occurs from wear and tear while in use.