Repairs made to equipment as part of a yearly maintenance project would be recorded in the journal by:
A) debiting Equipment
B) debiting Repair Expense
C) debiting Depreciation Expense
D) debiting Accumulated Depreciation
22) Treating a capital expenditure as an immediate expense:
A) understates expenses and overstates owners' equity
B) understates expenses and understates assets
C) overstates assets and overstates owner's equity
D) overstates expenses and understates net income
23) The cost of land would include all of the following except:
A) survey and legal fees incurred
B) costs of removing any unwanted building on the land
C) paving and fencing
D) costs to grade and clear the land
24) The cost of a tangible long-lived asset includes the purchase price, applicable taxes, purchase commissions, and all other amounts paid to acquire the asset and get it ready for its intended use.
25) Except for goodwill, the accounting for intangibles is similar to accounting for tangible long-lived assets.
26) The cost of land does not include the cost of paving to construct a parking lot.
27) Of the tangible long-lived assets, buildings are unique because they are not amortized.
28) Land improvements are subject to depreciation.
29) Costs of land improvements are not included in the Land account.
30) Improvements to land are considered part of the cost of land since they are tied directly to the use of the land itself.
31) Immediate expenses are those that maintain the existing condition of an asset or restore an asset to good worki
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