Homework Answers
Q - 27) ...... Select - (d) Improve or better an existing asset.
The criteria applied for considering an expenditure to be capitalized will depend on whether such expenditure is capable of improving the performance or life of the asset. Otherwise it is a revenue expenditure.
Q- 28) ........ Select - (d) Copyrights
Copyrights are intangibles. All intangible assets are regarded as non current or long term assets. Hence not a current asset.
Q - 29) ........Select - (b) Through out their useful life.
Since, the intangible is having a limited life ( as against indefinite life ) it will be allowed to be amortized during its own life without fixing the rule of maximum 12 years.
Q - 30 ) ......Select - (d) Fair value
Market values of similar assets are referred to as fair values.
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Question 27 To be classified as a capital expenditure the cost must do what? Not yet...
Question 11 In order to be classified as a long-term liability the debt must: Not yet...
Question 11 In order to be classified as a long-term liability the debt must: Not yet answered Marked out of 1.00 Select one: a. become due/mature more than a year in the future Flag question b. become mature/due within six years c. become mature/due within 6 months O d. become mature/due at the end of the accounting period Question 12 If a company is assumed to continue trading normally for the foreseeable future it is a: Not yet answered Marked...
Question 17 A parent company must own how much of the subsidiary's common stock? Not yet...
Question 17 A parent company must own how much of the subsidiary's common stock? Not yet answered Marked out of 1.00 P Flag question Select one: a. 0.15 b.0.25 OC. 0.75 O d. 0.5 Question 18 Since accounts receivable are usually collected within two month they are classified as: Not yet answered Marked out of 1.00 Select one: a. a fixed asset P Flag question O b. a cash asset c. a current asset d. a recurring asset Question 19...
Question 21 What are the results of the physical count are compared to? Not yet answered...
Question 21 What are the results of the physical count are compared to? Not yet answered Marked out of 1.00 Select one: a. last year's count P Flag question O b. the computer (or book) count c. balance sheet value O d. last quarter's count Question 22 Not yet answered How is a formal promissory note in acknowledgment of a customer's debt classified? Marked out of 1.00 Select one: O a. as a note receivable Flag question O b. as...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of 1.00 Flag question Select one: a. a valuation number b. a purchase date c. a control number O d. a serial number or identification tag Question 32 Not yet answered Fair value accounting changes values on the balance sheet according to what? Marked out of 1.00 Select one: a. changes in the interest rates P Flag question O b. changes in the financial position...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of 1.00 Flag question Select one: a. a valuation number b. a purchase date c. a control number O d. a serial number or identification tag Question 32 Not yet answered Fair value accounting changes values on the balance sheet according to what? Marked out of 1.00 Select one: a. changes in the interest rates P Flag question O b. changes in the financial position...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account from Markus Brothers Stationery Store. How is this entry recorded in the journal? Marked out of 1.00 Flag Cuestion Select one: O a. debit to Office Supplies and credit to Accounts Payable O b. debit to Office Supplies and credit to Cash O c. debit to Supplies Expense and credit to Accounts Receivable O d. debit to Accounts Receivable and credit to Office Supplies...
Question 41 An unrealized gain or loss on a security is a result of: Not yet...
Question 41 An unrealized gain or loss on a security is a result of: Not yet answered Marked out of 1.00 Select one: a. the difference between the selling price of the security and its historical cost Flag question b. the difference between the purchase price of the security and its selling price c. the difference between the book value of the security and its market value O d. the difference between the purchase price of the security and its...
Question 37 Under accrual accounting, the matching principle requires: Not yet answered Marked out of 1.00...
Question 37 Under accrual accounting, the matching principle requires: Not yet answered Marked out of 1.00 Select one: a. that all invoices are paid in 30 days Flag question O b. the preparation of adjusting entries O c. that revenue be recognized when the cash is received O d. that reversing entries be prepared where is all the financial data needed to calculate the debt-rations found? Question 38 Not yet answered Marked out of 1.00 Select one: a. balance sheet,...
Question 79 Not yet answered Marked out of 1.00 P Flag question Evolutionary fitness refers to...
Question 79 Not yet answered Marked out of 1.00 P Flag question Evolutionary fitness refers to Select one: O a. size o b. strength O c. potential reproductive success O d. longevity Not yet answered Marked out of 1.00 p Flag question Evolutionary fitness refers to
Question 9 Not yet answered is an internal emotional reaction to loss. Marked out of 1.00...
Question 9 Not yet answered is an internal emotional reaction to loss. Marked out of 1.00 P Flag Question Select one: O a. Depression b. Grief c. Bereavement d. Mourning Kubler-Ross defines five stages of dying, which statement is characteristic of the denial stage? Question 10 Not yet answered Marked out of 1.00 P Flag Select one: a. "Why me? I quit drinking over twenty years." b. "I waited all these years to see my daughter get married. Now I...
Question 11 In order to be classified as a long-term liability the debt must: Not yet answered Marked out of 1.00 Select one: a. become due/mature more than a year in the future Flag question b. become mature/due within six years c. become mature/due within 6 months O d. become mature/due at the end of the accounting period Question 12 If a company is assumed to continue trading normally for the foreseeable future it is a: Not yet answered Marked...
Question 17 A parent company must own how much of the subsidiary's common stock? Not yet answered Marked out of 1.00 P Flag question Select one: a. 0.15 b.0.25 OC. 0.75 O d. 0.5 Question 18 Since accounts receivable are usually collected within two month they are classified as: Not yet answered Marked out of 1.00 Select one: a. a fixed asset P Flag question O b. a cash asset c. a current asset d. a recurring asset Question 19...
Question 21 What are the results of the physical count are compared to? Not yet answered Marked out of 1.00 Select one: a. last year's count P Flag question O b. the computer (or book) count c. balance sheet value O d. last quarter's count Question 22 Not yet answered How is a formal promissory note in acknowledgment of a customer's debt classified? Marked out of 1.00 Select one: O a. as a note receivable Flag question O b. as...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of 1.00 Flag question Select one: a. a valuation number b. a purchase date c. a control number O d. a serial number or identification tag Question 32 Not yet answered Fair value accounting changes values on the balance sheet according to what? Marked out of 1.00 Select one: a. changes in the interest rates P Flag question O b. changes in the financial position...
Under the specific identification inventory must be assigned? Question 31 Not yet answered Marked out of 1.00 Flag question Select one: a. a valuation number b. a purchase date c. a control number O d. a serial number or identification tag Question 32 Not yet answered Fair value accounting changes values on the balance sheet according to what? Marked out of 1.00 Select one: a. changes in the interest rates P Flag question O b. changes in the financial position...
Question 6 Not yet answered On February 9, 2020, Grove Industries purchased office supplies on account from Markus Brothers Stationery Store. How is this entry recorded in the journal? Marked out of 1.00 Flag Cuestion Select one: O a. debit to Office Supplies and credit to Accounts Payable O b. debit to Office Supplies and credit to Cash O c. debit to Supplies Expense and credit to Accounts Receivable O d. debit to Accounts Receivable and credit to Office Supplies...
Question 41 An unrealized gain or loss on a security is a result of: Not yet answered Marked out of 1.00 Select one: a. the difference between the selling price of the security and its historical cost Flag question b. the difference between the purchase price of the security and its selling price c. the difference between the book value of the security and its market value O d. the difference between the purchase price of the security and its...
Question 37 Under accrual accounting, the matching principle requires: Not yet answered Marked out of 1.00 Select one: a. that all invoices are paid in 30 days Flag question O b. the preparation of adjusting entries O c. that revenue be recognized when the cash is received O d. that reversing entries be prepared where is all the financial data needed to calculate the debt-rations found? Question 38 Not yet answered Marked out of 1.00 Select one: a. balance sheet,...
Question 79 Not yet answered Marked out of 1.00 P Flag question Evolutionary fitness refers to Select one: O a. size o b. strength O c. potential reproductive success O d. longevity Not yet answered Marked out of 1.00 p Flag question Evolutionary fitness refers to
Question 9 Not yet answered is an internal emotional reaction to loss. Marked out of 1.00 P Flag Question Select one: O a. Depression b. Grief c. Bereavement d. Mourning Kubler-Ross defines five stages of dying, which statement is characteristic of the denial stage? Question 10 Not yet answered Marked out of 1.00 P Flag Select one: a. "Why me? I quit drinking over twenty years." b. "I waited all these years to see my daughter get married. Now I...
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