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Long-Term Assets in Accounting Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Use the sum of the years' digits method to calculate the depreciation percentage for year 4 for a printing press purchased for $150,000 with a life of 20 years.

Question 2 2. Which report gives you the depreciation for just one month?

Question 3 3. A photocopier has a value of $2,000 and a life of 5 years. What is the percentage depreciation each year using the double declining balance method?

Question 4 4. A hybrid car used for work was bought for $30,000 with a life expectancy of 10 years. What is the depreciation amount you put in your monthly income statement?

Question 5 5. The camera you use for work cost you $10,000 to purchase. With a life expectancy of 20 years, what is the depreciation amount on the balance sheet after 4 years?

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Question 6 6. A single-serve coffee machine worth $30,000 can make 60,000 cups of coffee in its life. Using the units of production depreciation method, what is the depreciation for the year where 5,000 cups of coffee were made?

Question 7 7. You are a professional food photographer. The camera you use for your work cost you $10,000. It has a life expectancy of 20 years. What is your annual depreciation?

Question 8 8. Using the sum of the years' digits method, calculate the depreciation for year 1 of a printer purchased for $20,000 with a life expectancy of 3 years.

Question 9 9. What is the full year depreciation for a car that was purchased for $20,000 with a life expectancy of 20 years?

Question 10 10. A printer worth $30,000 with a life expectancy of 5 years has a yearly depreciation of what using the straight-line depreciation method?

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Question 11 11. Which of the following will result in a change in estimate?

Question 12 12. What does the balance sheet tell you about a business?

Question 13 13. Use the double declining balance method to calculate the depreciation amount for year 2 of a printer purchased for $40,000 with a life of 10 years.

Question 14 14. A printer was purchased for $20,000 with a life expectancy of 20 years. What is the depreciation for year 1 if you purchased it in May?

Question 15 15. A car cost $40,000 to purchase. It has a life of 10 years. Using the double declining balance depreciation method, what is the value of the car after the second year?

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Question 16 16. Using the double declining balance method, calculate the depreciation percentage per year of a vehicle with a life expectancy of 4 years.

Question 17 17. The full year depreciation of a mobile phone is $450. What is the partial-year depreciation of the item if it was owned for only 4 months?

Question 18 18. A computer has a life expectancy of 3 years. Use the sum of the years' digits method to calculate the depreciation percentage for year 2.

Question 19 19. A camera with a value of $20,000 has a life expectancy of 20 years. What is the percentage each year that you can take using the straight-line depreciation method?

Question 20 20. An item has an original cost of $5,000 and an estimated lifetime of 5 years. Calculate a full-year depreciation.

Long-Term Assets in Accounting Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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