Question

Question 1 (1 point)

Straight-Line depreciation and Double-Declining-Balance depreciation result in the same Accumulated Depreciation at the end of the asset's useful life.

Question 1 options:

	True
	False

Question 2 (1 point)

If a company makes a journal entry to record a PP&E Impairment, the entry will cause:

Question 2 options:

	Total Assets to Decrease
	Net Income to Increase
	Total Assets to Increase
	Total Liabilities to Increase

Question 3 (1 point)

We depreciate Land unless it contains natural resources.

Question 3 options:

	True
	False

Question 4 (1 point)

Murphy Glass purchases manufacturing equipment for $150,000 on 1/1/20. They estimate that the equipment has a useful life of 10 years and a $10,000 residual value. Accumulated Depreciation will be $_______ as of 12/31/22 (i.e., after three years), and 2022 Depreciation Expense will be $_______.

Question 4 options:

	12/31/22 Accumulated Depreciation = $42,000; 2022 Depreciation Expense = $14,000
	12/31/22 Accumulated Depreciation = $14,000; 2022 Depreciation Expense = $14,000
	12/31/22 Accumulated Depreciation = $42,000; 2022 Depreciation Expense = $42,000
	12/31/22 Accumulated Depreciation = $14,000; 2022 Depreciation Expense = $42,000

Answer 1

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