Which of the following is TRUE of assets?
Which of the following is TRUE of assets?
Assets can be recorded at the market value if acquired at a bargain.
Assets are something of value the business owns or controls.
Assets do not need to provide future benefit to the business.
Assets include Cash, Merchandise Inventory, and Accounts Payable.
Homework Answers
Assets are something of value the business owns or controls.
Assets which have value , may be owned by the business by outright purchase or taken on lease so that the business has control over to use it. Examples Land, Equipment or Account receivable.
Assts are usually recorded at the purchase price even if it is at a bargain price.
Assets are expected to provide future benefits to the business.
Assets do not include Account Payable, it is liability.
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000....
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000. The total assets are A) $320.000 B) $100,000 C) $110,000 D) $210,000 6. Which of the following is true of assets? A) Assets include Cash, Merchandise Inventory, and Accounts Payable. B) Assets are something of value the business owns or controls. C) Assets do not need to provide future benefit to the business. D) Assets can be recorded at the market value if acquired...
Which of the following statements is true concerning assets? Oa. Assets are initially recorded at market...
Which of the following statements is true concerning assets? Oa. Assets are initially recorded at market value and then adjusted for inflation. Ob. Assets are measured using a time-period approach. Oc. Assets are initially recorded at market value, since historical cost tends to be too arbitrary. Od. Assets are initially recorded using the historical cost principle.
5. Which of is a true statement as it relates to impairments of plant assets? a....
5. Which of is a true statement as it relates to impairments of plant assets? a. The assets are recorded at the book value of the asset b. The impairment amount is capitalized and depreciated along with the cost of the c The impairment amount is added to the plant asset account in the year the decline d. They are written down to the new fair value turing the year in which the dedine original asset of value occurs occurs...
which of the following best describes the accounting for goodwill acquired in business acquisition? a. Goodwill...
which of the following best describes the accounting for goodwill acquired in business acquisition? a. Goodwill can be recorded by a company when it can demonstrate that the company has generated excess market value directly attributable to its strong reputation b. Goodwill is recorded as an asset when the purchaser of a business believes that the purchased business has a good reputation among its customers c. Goodwill is recorded as an asset when the purchaser of a business pays less...
which of the following statements regarding merchandise inventory is not true? a) merchandise inventory appears on...
which of the following statements regarding merchandise inventory is not true? a) merchandise inventory appears on the balance sheet of a service company b) merchandise inventory is reported on the balance sheet as a current asset c) merchandise inventory refers to products a company owns and intends to sell d) merchandise inventory may include the costs of freight-in and making them ready for sale
Which of the following will be recorded in the general journal when using a manual accounting...
Which of the following will be recorded in the general journal when using a manual accounting information system? O purchase of merchandise inventory on account sale of merchandise inventory on account adjusting and closing entries O payment of accounts payable QUESTION 2 The purchases journal is a special journal that has special columns for credits to merchandise inventory is used to record all purchases of merchandise inventory is used to record merchandise inventory, office supplies, and other assets purchased on...
1.Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of...
1.Rush Corporation borrowed $25,000 from the bank. Which of the following accurately shows the effects of the transaction? a. Decrease cash $25,000 and decrease notes payable $25,000 b. Increase cash $25,000 and decrease notes payable $25,000 c. Increase cash $25,000 and increase notes payable $25,000 d. Decrease cash $25,000 and increase notes payable $25,000 2. Yuan Corporation purchased office equipment on account. What is the effect of this transaction? a. Cash will decrease and office equipment will increase. b. Total...
5 through 8 current assets of the acquired firm. 5. What is the appropriate accounting treatment...
5 through 8
current assets of the acquired firm. 5. What is the appropriate accounting treatment for the value assigned to in process research and devel- opment acquired in a business combination? a. Expense upon acquisition. b. Capitalize as an asset. C Expense if there is no alternative use for the assets used in the research and development and technological feasibility has yet to be reached. d. Expense until future economic benefits become certain and then capitalize as an asset...
Which of the following statement is incorrect? The market values of the assets are the amounts...
Which of the following statement is incorrect? The market values of the assets are the amounts the assets would earn on the open market if they were sold (or liquidated). We value individual shares of common stock by estimating the future value of the expected future net income and the expected price of the coupons when the coupons are sold. The replacement value of assets valuation method assumes that the market value of a complete business cannot exceed the amount...
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improv...
1. True or False: Under IFRS ,valuation allowances for deferred tax assets are not recorded. 2. True or False: To improve usefulness of defined pension plans, GAAP requires disclosure of reconciliations of the beginning and ending amounts of the projected benefit obligation, including the amounts of the service cost, interest cost, actuarial gains and losses, benefits paid, and plan amendments. 3. Which of the following pension-related definitions is not correct? a. Present value is the current worth of an amount...
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000. The total assets are A) $320.000 B) $100,000 C) $110,000 D) $210,000 6. Which of the following is true of assets? A) Assets include Cash, Merchandise Inventory, and Accounts Payable. B) Assets are something of value the business owns or controls. C) Assets do not need to provide future benefit to the business. D) Assets can be recorded at the market value if acquired...
Which of the following statements is true concerning assets? Oa. Assets are initially recorded at market value and then adjusted for inflation. Ob. Assets are measured using a time-period approach. Oc. Assets are initially recorded at market value, since historical cost tends to be too arbitrary. Od. Assets are initially recorded using the historical cost principle.
5. Which of is a true statement as it relates to impairments of plant assets? a. The assets are recorded at the book value of the asset b. The impairment amount is capitalized and depreciated along with the cost of the c The impairment amount is added to the plant asset account in the year the decline d. They are written down to the new fair value turing the year in which the dedine original asset of value occurs occurs...
Which of the following will be recorded in the general journal when using a manual accounting information system? O purchase of merchandise inventory on account sale of merchandise inventory on account adjusting and closing entries O payment of accounts payable QUESTION 2 The purchases journal is a special journal that has special columns for credits to merchandise inventory is used to record all purchases of merchandise inventory is used to record merchandise inventory, office supplies, and other assets purchased on...
5 through 8
current assets of the acquired firm. 5. What is the appropriate accounting treatment for the value assigned to in process research and devel- opment acquired in a business combination? a. Expense upon acquisition. b. Capitalize as an asset. C Expense if there is no alternative use for the assets used in the research and development and technological feasibility has yet to be reached. d. Expense until future economic benefits become certain and then capitalize as an asset...
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