Question

Question 47 The higher of either the asset's future value or the amount it can be sold for, is known as: Not yet answered Marked out of 1.00 Select one: a. the book value Flag question b. the recoverable amount O c. the carrying value d. the retail sale value Question 48 Which principle would you use to determine the accounting period in which revenue and expenses are recognized? Not yet answered Marked out of 1.00 Select one: a. the matching principle P Flag question b. either the revenue recognition principle or the matching principle c. neither the revenue recognition nor the matching principle d. the revenue recognition principle Question 49 What account is needed if a company plans to use current assets to retire the outstanding bonds? Not yet answered Marked out of 1.00 Select one: a. a Retired Bonds account P Flag question b. a Bonds Payable account c. a Bonds Expense account d. a Short-term Bond Account O

Answer 1

47. The higher of either the assets future value or the amount it can be sold for is known as :

b. Recoverable Value

48. Principle used to determine the accounting period to recognize expenses and revenue are :

b. Either the revenue recognition principle or the matching principle

49. Account needed to retire outstanding bonds using current asstes are :

b. Bond payable account

50. The item which is not the part of balance sheet is :

b. Cash flow