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Accounting Capitalization Quiz

Accountants are lifelong students. The weekly quizzes are open
to everyone in the wonderful field of accounting, business
and the study of accounting. Good luck!

This week's quiz brought to you by:
Barbara W. Scofield, PhD, CPA - Associate Professor of Accounting
and Director of the Financial Accounting Concentration
University of Dallas
Irving, Texas



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1 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller; $10,000 interest on note of $100,000. What is the book value of the land?
$110,000
$100,000
$10,000
$0

2 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller; $10,000 paid for land fill and clearing. What is the book value of the land?
$110,000
$100,000
$10,000
$0

3 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller; $10,000 of delinquent real estate taxes on property assumed by purchaser. What is the book value of the land?
$110,000
$100,000
$10,000
$0

4 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller; $10,000 premium on 6-month liability policy. What is the book value of the land?
$110,000
$100,000
$10,000
$0

5 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller for the land and a building. The building is demolished at a cost of $15,000, with a recovery of $5,000 of salvage. What is the book value of the land?
$115,000
$110,000
$100,000
$95,000

6 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller for the land and a building. The building has a fair value of $75,000 separately, and the land would have been worth $50,000 without the building. What is the book value of the land?
$100,000
$60,000
$50,000
$40,000

7 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller;$10,000 to construct perimeter fences to protect the property. What is the book value of the land?
$110,000
$100,000
$10,000
$0

8 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller;$10,000 for landscaping (permanent in nature). What is the book value of the land?
$110,000
$100,000
$10,000
$0

9 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller; $10,000 to pave parking lots and create driveways from the street. What is the book value of the land?
$110,000
$100,000
$10,000
$0

10 - ABC Company makes the following expenditures in 2008 on its acquisition of land: $100,000 paid to seller; $10,000 in one-time assessment to the county for the county to install the initial water and sewer lines to the property. What is the book value of the land?
$110,000
$100,000
$10,000
$0

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