Free Robert Half Accounting Questions and Answers

Question 1

The price of research and development.

Accepted Answer

In accordance with generally accepted accounting principles, must be expensed as incurred

Answer

Should be accounted for in the price of the relevant patent

Answer

Considered to be intangible assets

Answer

Are capitalized, followed by an amortization period of no more than 20 years

Question 2

On the balance sheet, trademarks are often listed.

Accepted Answer

Intangibles

Answer

Property, plant, and equipment

Answer

Current assets

Answer

Investments

Question 3

Allocating a plant asset's cost throughout its useful life is called depreciation (n).

Accepted Answer

Systematic and rational manner

Answer

Equal and equitable manner

Answer

Conservative market-based manner

Answer

Accelerated and accurate manner

Question 4

A long-term asset's cost is expensed.

Accepted Answer

As the asset benefits the company

Answer

In the period in which its is acquired

Answer

When it is paid for

Answer

In the period in which it is disposed of

Question 5

The process of depreciation.

Accepted Answer

Cost allocation

Answer

Asset devaluation

Answer

Asset valuation

Answer

Cost accumulation

Question 6

A piece of equipment that costs $225,000 is expected to last four years and have a residual value of $15,000. It will be depreciated using a straight line. How much will depreciation cost for the first full year?

Accepted Answer

52,500

Answer

56,700

Answer

56,250

Answer

54,375

Question 7

Residual value is used to calculate depreciation.

Accepted Answer

A projection of the value of a plant asset at the end of its useful life

Answer

The fair market value of a plant asset as of the acquisition date

Answer

Ignore in all the depreciation methods

Answer

To establish the depreciable cost of the plant asset, it is subtracted from accumulated depreciation.