Related questions with answers

Test your understanding of accounting for plant assets, natural resources, and intangibles by answering the following questions. Select the best choice from among the possible answers given. Which statement about depreciation is false? a. Depreciation is a process of allocating the cost of an asset to expense over its useful life. b. Obsolescence as well as physical wear and tear should be considered when determining the period over which an asset should be depreciated. c. Depreciation should not be recorded in years in which the market value of the asset has increased. d. A major objective of depreciation accounting is to allocate the cost of using an asset against the revenues it helps to generate.

Listed below are nine technical accounting terms:

\begin{array}{lll}\text { Variable costs } & \text { Relevant range } & \text { Contribution margin } \\ \text { Break-even point } & \text { Fixed costs } & \text { Semivariable costs } \\ \text { Economies of scale } & \text { Sales mix } & \text { Unit contribution margin }\end{array}

Each of the following statements may (or may not) describe one of these technical terms. For each statement, indicate the accounting term described, or answer "None" if the statement does not correctly describe any of the terms.

g. Costs that respond to changes in sales volume by less than a proportionate amount.

The below statement corresponds to a numbered sentence in the passage. It contains a blank and is followed by four answer choices. Decide which choice fits best in the blank. The word or phrase that you choose must express roughly the same meaning as the italicized word in the passage. Write the letter of your choice on the answer line.

The $\underline{?}$ standards of modern works can be difficult to understand. ______________ (aesthetic)