The expected cash value of a plant asset at the end of its useful life is known as:
A.scrap value.
B.salvage value.
C.residual value.
D. all of the above.
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When compared to the other methods of depreciation, the double-declining-balance method of depreciation gives depreciation expense that is:
A.less in the earlier periods.
B.higher in the earlier periods.
C.approximately the same in earlier periods as with other methods.
D.the same from year to year.
The journal entry to record depreciation expense is:
A.debit Depreciation Expense, credit the asset account.
B.debit Accumulated Depreciation, credit the asset account.
C.debit the asset account, credit Accumulated Depreciation.
D.debit Depreciation Expense, credit Accumulated Depreciation.
As a depreciable plant asset is used in operations:
A.accumulated depreciation increases and the book value of the asset increases.
B.accumulated depreciation increases and the book value of the asset decreases.
C.accumulated depreciation remains the same and the book value of the asset decreases.
D.accumulated depreciation increases and the book value of the asset remains the same.
When a plant asset is fully depreciated:
A.the asset's accumulated depreciation is higher than the historical cost of the asset.
B.the book value is equal to the salvage value.
C.the depreciable cost is equal to the salvage value, and the asset is of no further use to the company.
D.the book value is zero, and the asset has no market value.
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