Intermediate Accounting Practice Daily Practice - 2020 Intermediate Accountant Exam
1. (Single-choice questions)
The following statement about the determination of the cost of fixed assets is incorrect ( ).
A. The cost of fixed assets invested by the investor should be determined in accordance with the value agreed in the investment contract or agreement, except where the contract or agreement is not fair
B. Fixed assets leased under finance, the lessee should take the lower of the fair value of the leased asset at the commencement date of the lease and the present value of the minimum lease payments, together with the initial direct costs as the recorded value of the leased asset
The cost of fixed assets should be determined in accordance with the value of the fixed assets agreed in the investment contract or agreement. value
C. The estimated abandonment cost of fixed assets of a nuclear power plant nuclear facility enterprise should be included in the cost of fixed assets at its present value
D. The environmental protection equipment that needs to be purchased to purify the environment can not be recognized as a fixed asset because it will not bring direct economic benefits to the enterprise
2. (Single-choice question)
On January 31, 2018, in order to comply with the national laws and regulations on environmental protection, Company A stops work on production equipment A and installs environmental protection device B. On March 31, the newly installed environmental protection device B reaches the state of predetermined use and is delivered for use,**** incurring a cost of 6 million yuan.The cost of production equipment A is 180 million yuan, and up to January 31, 2018, depreciation of 90 million yuan has been provided for, with no impairment Provision has not been made. production equipment A is expected to be used for 16 years and has been used for 8 years, and can be used for another 8 years after the installation of environmental protection device B equipment; environmental protection device B equipment is expected to be used for 5 years. Company A's fixed assets are depreciated on the basis of the average annual life method, and the estimated net residual values are all zero. Company A's accounting treatment related to production equipment A and newly installed environmental protection device B equipment in 2018, the following statement is incorrect ( ).
A. No depreciation is provided during the period when A equipment is shut down for renovation
B. A equipment and the newly installed environmental protection device B equipment should be combined to recognize a fixed asset
C. The depreciation provided for A equipment in 2018 is 9,375,000 yuan
D. The depreciation provided for the newly installed environmental protection device B equipment in 2018 is 0.9 million yuan
p> 3.(Single-choice question)
Of the following, the cost of construction in progress should not be credited or charged to ( ).
A. Income from commissioning of construction in progress
B. Net gain on inventory of construction materials during construction
C. Net loss on inventory of construction materials after completion of the project
D. Net loss on inventory of construction materials during construction
4. (Single-choice question)
Company A purchases, on March 20, 2018, a piece of The cost of the machinery and equipment is RMB 9.6 million, and the related expenditures incurred during the installation period are RMB 0.3 million. It reaches its intended state of use on September 20, 2018, with an estimated useful life of 5 years and an estimated net salvage value of RMB 0.5 million. Using the double-declining-balance method of depreciation, the amount of depreciation that should be charged for this equipment in 2019 is $( ) million.
A.237.6
B.396
C.297
D.356.4
5.(Single-choice question)
A nuclear power plant purchased and constructed a nuclear facility for 12,000,000,000 yuan, which has now reached its intended useable state, and it is expected that, at the expiration of its useful life, it will incur a disposal cost of 1,000,000 yuan to restore the environment. 10 million yuan, the abandonment costs discounted at the effective interest rate of 6.2 million yuan. The recorded value of the nuclear facility is () million dollars.
A.11,000
B.13,000
C.12,620
D.12,000
Reference Answers and Explanations
1. Answer D.
Answer D. Option D, which should be recognized as a fixed asset accounting.
2. Answer B.
Ans: Option B, A equipment and the newly installed environmental protection device B equipment should be recognized as fixed assets separately; Option C, A equipment in 2018 depreciation amount = A production equipment before the transformation (excluding environmental protection device) (18 000/16?1/12) + A production equipment after the transformation (excluding environmental protection device) 9 000/8?9/ 12 = 9,375 (million); Option D, the newly installed environmental protection device B equipment depreciation amount charged in 2018 = 600/5?9/12 = 90 (million).
3. Answer C.
Ans: Option D, the net loss of project materials inventory after the completion of the project should be included in non-operating expenses.
4. Answer D.
A. The recorded value of the fixed asset on September 20, 2018 = 960 + 30 = 9.9 (million).
Depreciation in 2018 = 990?2/5?3/12 = 990 (million dollars);
Depreciation in 2019 = 990?2/5?9/12 + (990 - 990?2/5)?2/5?3/12 = 3.564 (million dollars).
5. Answer C.
Ans: The recorded value of the nuclear facility = 12,000 + 620 = 12,620 (million yuan)
The entry for this question is:
Borrowing: Fixed Assets 12,620
Crediting: Deposits in Banks 12,000
Projected Liabilities 620
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