1)

A prepaid asset is an income statement expense that has been paid in advance of the period in which it provides economic benefit to the entity.

Group of answer choices

True

False

2)

Which of the following is an example of what would be considered within the Contract category of intangible assets

Group of answer choices

Patented technology.

Broadcast rights.

Customer relationships.

Internet domain names.

3)

The property, plant, and equipment subledger contains which of the following information? (select all that apply)

Group of answer choices

The date the asset was acquired.

The depreciation method used.

Original cost of the asset.

The name of the vendor the asset was purchased from.

The due date of the loan related to the purchase of the asset.

4)

Which of the following is NOT a stockholders equity transaction.

Group of answer choices

Payment of dividends at the end of a quarter.

Payment of debt with cash at the end of the year.

Closing of income statement accounts at the end of the year.

Sale of stock for cash during the current year.

5)

Which of the following parties look at an entity's net income as an indicator of the amount of risk the party may be taking in doing business with the entity?

Group of answer choices

All of the parties listed.

Customers.

Potential investors.

Vendors.