Which of the following should be included in the acquisition cost of land? Delinquent property taxes Title transfer and fees Sales commissions Surveying fees All of the above Which of the following would not be included in the acquisition cost of a building? The purchase price of the building The cost of putting new windows and doors in the building before it opens for operations. The cost of paying the parking lot and outdoor lighting in the lot. The cost of paying an architect to design the remodeling modifications of the building before the store opens. All of the above would be included in the acquisition cost of the building In 2017, Gilbert Company made an ordinary repair to a delivery truck at a cost of $500. Gilbert's accountant debited the asset account, Delivery Vehicles. Was this treatment an error, and if so, what will be the effect on the financial statements of Gilbert? The repair was accounted for correctly The entry was an error that increased assets and net income in 2017 In the years following 2017, net income will be overstated The entry was an error which decreased net income in 2017. Net income was correctly stated for 2017. Which of the following would most likely not be a revenue expenditure? Replacing carpet in the sales department's offices. Repairing a leaky roof. Putting a hydraulic lift on our delivery truck making it easier and quicker to deliver appliances. Painting the exterior of our store. All of the above would be revenue expenditures. HOW is the matching principle related to recording the depreciation on tangible operational assets? The matching principle requires a company to use the same depreciation method Once a particular depreciation method is adopted for a particular asset, the owner must continue to use the same method The accountant who calculates the deprecation may assume that the company will continue in business as long as the estimated useful life of the asset. A portion of the cost of the asset should be allocated as an expense for the periods in which the asset helps the business to earn revenue. Which of the following is true? The book value at the end of an asset's useful life will be the same under all the depreciation methods allowed under GAAP. The total depreciation in the accumulated depreciation account will be the same at the end of the asset's useful life under all methods allowed by GAAP. The annual depreciation expense will differ under the various depreciation methods. Both A and Bare true All of the above all true