ACCT 306 Week 4 Midterm exam NEW NEW NEW 2016

1. (TCO 4)In the first year of an asset's life, which of the following methods has the smallest depreciation?

2. (TCO 4)Depletion refers to the cost allocation for:

3. (TCO 4)Depreciation, depletion, and amortization

4. (TCO 4)Cutter Enterprises purchased equipment for $72,000 on January 1, 2011. The equipment is expected to have a five-year life and a residual value of $6,000. Using the straight-line method, the book value at December 31, 2011 would be

5. (TCO 4)A change from the straight-line method to the sum-of-years'-digits method of depreciation is handled as

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1. (TCO 2) The exclusive right to display a symbol of product identification is a

2. (TCO 2) Lake Incorporated purchased all of the outstanding stock of Huron Company paying $950,000 cash. Lake assumed all of the liabilities of Huron. Book values and fair values of acquired assets and liabilities were

3. (TCO 2) Research and development (R&D) costs:

4. (TCO 2) Under U.S. GAAP, research expenditures are:

5. (TCO 2) Goodwill is:


ACCT 306 Week 4 Midterm exam NEW NEW NEW 2016
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