5.To measure​ depreciation, all of the following must be known except​: A.the current market value of…

5.To measure​ depreciation, all of the following must be
known
except​:
A.the current market value of the asset
B.the​ asset’s useful life in terms of​ years, hours, or
units
C.the cost of the asset
D.the estimated residual value of the asset
6.A fully amortized asset is an​ asset:
A.that has reached the end of its estimated useful life
B.whose amortizable cost has reached its salvage​ value, and
therefore is of no further use to the company
C.that has reached the end of its actual useful life
D.whose book value has reached​ zero, and therefore has no
market value
7.When​ property, plant, and equipment is​ sold:
A.a loss should be recognized but not a gain if depreciation was
taken on the asset
B.no gain or loss should be recognized if depreciation was taken
on the asset
C.depreciation should be recorded through the date of sale
D.the book value of the asset should be credited to the asset
account
8.Which of the following is not an intangible​ asset?
A.Copyright
B.Leasehold improvement
C.Patent
D.Trademark