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Fresh Grad Lands Job as Real Estate Agent With Help from Professional Writers

People go to websites to get the information they desperately need.  They could be looking for an answer to a nagging question.  They might be looking for help in completing an important task.  For recent graduates, they might be looking for ways on how to prepare a comprehensive resume that can capture the attention of the hiring manager

Manush is a recent graduate from a prestigious university in California who is looking for a job opportunity as a real estate agent.  While he already has samples provided by his friends, he still feels something lacking in his resume.  Specifically, the he believes that his professional objective statement lacks focus and clarity. 

Thus, he sought our assistance in improving editing and proofreading his resume. 

In revising his resume, iwritegigs highlighted his soft skills such as his communication skills, ability to negotiate, patience and tactfulness.  In the professional experience part, our team added some skills that are aligned with the position he is applying for.

When he was chosen for the real estate agent position, he sent us this thank you note:

“Kudos to the team for a job well done.  I am sincerely appreciative of the time and effort you gave on my resume.  You did not only help me land the job I had always been dreaming of but you also made me realize how important adding those specific keywords to my resume!  Cheers!

Manush’s story shows the importance of using powerful keywords to his resume in landing the job he wanted.

Chapter 7 Quiz

Navigation   » List of Schools  »  Glendale Community College  »  Accounting  »  Accounting 101 – Financial Accounting  »  Spring 2021  »  Chapter 7 Quiz

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Below are the questions for the exam with the choices of answers:

Question #1
Which of the following will result in higher depreciation expense in the first year of the asset’s life?
A  Long service life and low residual value.
B  Short service life and high residual value.
C  Long service life and high residual value.
D  Short service life and low residual value.
Question #2
Over the entire service life of an asset, which depreciation method records the highest total depreciation?
A  The double declining method.
B  The straight-line method.
C  All the methods result in the same total depreciation.
D  The activity-based method.
Question #3
Which of the following correctly describes the nature of depreciation?
A  Depreciation represents the allocation of the cost of an intangible asset over its service life.
B  Depreciation represents the allocation of the cost of property, plant, and equipment over its service life
C  Depreciation represents the valuation of an intangible asset over its service life.
D  Depreciation represents the valuation of property, plant, and equipment over its service life.
Question #4
A delivery truck was purchased for $60,000 and is expected to be used for 5 years and 100,000 miles. The truck’s residual value is $10,000. By the end of the first year, the truck has been driven 16,000 miles. What is the depreciation expense in the first year using activity-based depreciation?
A  $10,000
B  $12,000
C  $8,000
D  $9,600
Question #5
The amount of the gain on the sale of equipment equals:
A  The selling price minus the fair value of the equipment.
B  The selling price minus the book value of the equipment.
C  The selling price minus accumulated depreciation of the equipment.
D  The selling price minus the original cost of the equipment.
Question #6
A long-term asset is recorded at the:
A  Additional costs to get the asset ready for use.
B  Cost of the asset.
C  Cost of the asset plus all costs necessary to the asset ready for use.
D  Cost of the asset less all costs necessary to the asset ready for use.
Question #7
Which of the following expenditures should be capitalized?
A  Research and development costs.
B  Unsuccessful legal defense of an intangible asset.
C  Ordinary repairs and maintenance.
D  An improvement to a tangible asset.
Question #8
Which of the following expenditures should be recorded as an asset?
A    
B  Repair of a machine.
C  Interest costs during the construction period of a new building.
D  Property taxes incurred on an existing building.
E  Depreciation during the first year of an existing building.
Question #9
Which of the following depreciation methods typically results in the highest depreciation expense during the first year of an asset’s life?
A  Activity-based method.
B  Double declining balance method.
C  Each method will result in the same depreciation during the first year.
D  Straight-line method.
E    
Question #10
Which of the following intangible assets are not amortized?
A  Franchises.
B  Copyrights.
C  Patents.
D  Goodwill.
Question #11
Which of the following expenditures should be recorded as an asset?
A  Repairs that maintain current benefits.
B  Maintenance that maintain current benefits.
C  Unsuccessful legal defense of an intangible asset.
D  An addition which increases future benefit.
Question #12
Return on assets is equal to:
A  Profit margin minus asset turnover.
B  Profit margin times asset turnover.
C  Profit margin divided by asset turnover.
D  Profit margin plus asset turnover.
Question #13
Return on assets is equal to:
A  Net income divided by average long-term assets.
B  Average total assets divided by net income.
C  Net income divided by average total assets.
D  Net income divided by long-term assets.
Question #14
Equipment originally costing $100,000 has accumulated depreciation of $65,000. If it is sold for $40,000, the company should record:
A  A loss of $70,000.
B  A loss of $5,000.
C  A gain of $5,000.
D  A gain of $70,000.
Question #15
Depreciation in accounting is the:
A  Change in fair value of an asset.
B  Decrease in fair value of an asset.
C  Decrease in selling price of an asset.
D  Allocation of an asset’s cost to an expense over time.
Question #16
Accumulated depreciation is:
A  A liability.
B  An asset.
C  An expense account.
D  A contra-asset.
Question #17
An exclusive 20-year right to manufacture a product or to use a process is a:
A  Trademark.
B  Patent.
C  Franchise.
D  Copyright.
Question #18
If equipment is retired, which of the following accounts would be debited?
A  Cash.
B  Depreciation expense.
C  Equipment.
D  Accumulated depreciation.
Question #19
The asset’s cost less accumulated depreciation is called:
A  Residual value.
B  Book value.
C  Replacement cost.
D  Net fair value.
Question #20
On October 1, a franchise was purchased for $2,000,000. The franchise agreement is for 10 years. What is the amount of amortization expense by the end of the first year, December 31 (using partial year straight-line amortization)? (Do not round intermediate calculations.)
A  $100,000
B  $50,000
C  $0
D  $200,000
Question #21
Which of the following is properly recorded as an intangible asset?
A  A purchased patent.
B  An internally developed trademark.
C  An internally developed copyright.
D  A piece of land.
Question #22
Equipment originally costing $65,000 has accumulated depreciation of $25,000. If the equipment is sold for $30,000, the company should record:
A  No gain or loss.
B  A loss of $10,000.
C  A gain of $10,000.
D  A loss of $35,000.
Question #23
The original cost of a piece of equipment was $100,000. The equipment was depreciated using the straight-line method with annual depreciation of $20,000. After two years, the fair value of the equipment is $82,000. How much is the book value of the equipment at the end of the second year?
A  60,000
B  100,000
C  82,000
D  80,000
Question #24
Which of the following expenditures should be recorded as an expense?
A  Ordinary repairs and maintenance.
B  An improvement.
C  An addition which increases future benefit.
D  Successful legal defense of an intangible asset.
Question #25
A company purchased land and building from a seller for $900,000. A separate appraisal reveals the fair value of the land to be $200,000 and the fair value of the building to be $800,000. For what amount would the company record land at the time of purchase?
A  $180,000
B  $220,000
C  $200,000
D  $900,000
Question #26
Which of the following statements is false regarding the amortization of intangible assets?
A  The service life of an intangible asset is always equal to its legal life.
B  The expected residual value of most intangible assets is zero.
C  Intangible assets with a limited useful life are amortized.
D  Goodwill is the most common intangible asset with an indefinite useful life.
Question #27
Which of the following is not recorded as an intangible asset in the balance sheet?
A  Goodwill.
B  Trademarks.
C  Research and development.
D  Patents.
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Linda
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“Kudos to the team for a job well done.  I am sincerely appreciative of the time and effort you gave on my resume.  You did not only help me land the job I had always been dreaming of but you also made me realize how important adding those specific keywords to my resume!  Cheers!

Manush
Fresh Graduate
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