1. Which of the following are typical controls for intangible assets?

i - Costs associated with the asset are objectively verified

ii - Payments are properly documented

iii - Documents are properly maintained

iv - Qualified staff ensure that transactions are recorded and classified properly

Select one:

a. iii and iv only

b. i, ii, and iv only

c. All of i, ii, iii, and iv

d. ii, iii, and iv only

2. Which one of the following could be listed as a long-term asset?

Select one:

a. None the available choices

b. Interest Receivable

c. Common Shares

d. Sales Taxes

3. The financial statements of Liverpool Inc. are made available for the years ended December 31, 2023 and 2022. Selected financial information are presented as follows (in millions): Year 2023 2022 Net Sales $22,356 $20,469 Total Assets, End of the Year $57,462 $56,322 Average Total Assets $56,892 $55,250 Asset Turnover ? 0.37 Net Income (Loss) $2,282 $3,478 Return on Assets ? 6.29% *Note that the total assets for 2021 equals $54,178 What are the asset turnover and return on assets for 2023? (adpq_100)

Select one: a. Asset Turnover of 0.43 and Return on Assets of 5.32% b. Asset Turnover of 0.39 and Return on Assets of 4% c. Asset Turnover of 0.22 and Return on Assets of 3.49% d. Asset Turnover of 0.52 and Return on Assets of 6.18%

4. LLL Inc. purchased a machine on October 1, 2022, for use in its factory. The business paid $450,000 for the machine and estimated that it has a useful life of 10 years, at the end of which time the machine is expected to have a residual value of $50,000. During its life, the machine is expected to produce 200,000 units. The machine produced 55,000 units in 2022 and 60,000 units in 2023. The machine is subject to a 20% CCA rate, and LLL Inc.s year-end is December 31. What is the end of 2022 journal entry for the depreciation record under the units-of-production method?

Select one: a. Debit Depreciation Expense $120,000; credit Accumulated Depreciation $120,000 b. Debit Accumulated Depreciation $2; credit Depreciation Expense $2 c. Credit the specific PPE accounts $45,000; debit Depreciation Expense $45,000 d. Debit Depreciation Expense $110,000; credit Accumulated Depreciation $110,000

5. LLL Inc. purchased a machine on October 1, 2022, for use in its factory. The business paid $450,000 for the machine and estimated that it has a useful life of 10 years, at the end of which time the machine is expected to have a residual value of $50,000. During its life, the machine is expected to produce 200,000 units. The machine produced 55,000 units in 2022 and 60,000 units in 2023. The machine is subject to a 20% CCA rate, and LLL Inc.s year-end is December 31. What is the journal entry of the depreciation record for the end of 2022, under the straight-line method?

Select one: a. Credit the specific PPE accounts $45,000; debit Depreciation Expense $45,000 b. Debit Depreciation Expense $40,000; credit Accumulated Depreciation $40,000 c. Debit Accumulated Depreciation $10,000; credit Depreciation Expense $10,000 d. Debit Depreciation Expense $10,000; credit Accumulated Depreciation $10,000