Question
1.Which is not a required characteristic for a liability to be recognized? Nonavoidable Service potential Incurred 2. Which of the following is not a general
1.Which is not a required characteristic for a liability to be recognized?
Nonavoidable
Service potential
Incurred
2.
Which of the following is not a general category of shareholders' equity?
Net income
Contributed capital
Noncontrolling interest
Earned capital
3.
An asset is valued by the price that would be received by selling it in an orderly transaction between market participants on the date of measurement. Which measurement method is being used in this case?
Present value
Reliable value
Historical cost
Fair value
Transfer
4.
A balance sheet account that is usually reported at fair value is
Marketable Securities.
Accounts Payable.
Inventory.
Land.
5.
A balance sheet account that is usually reported at present value is
Inventory.
Accounts Payable.
Land.
Note Payable.
6.
Long-term investments include all of the following except
cash surrender value of life insurance policies.
a building held for rental activity.
bonds payable.
sinking funds.
7.
Property, plant, and equipment section of the balance sheet includes all of the following except
intangible assets.
leasehold improvements.
natural resources.
construction in progress.
8.
What is the term for the systematic allocation of the costs of intangible assets to expense?
Impairment
Amortization
Depletion
Depreciation
9.
Which of the following is not an intangible asset?
Brand name
Deferred tax asset
Franchise
Computer software
Which of the following would typically be recorded as an intangible asset with a finite useful life?
Brand name
Goodwill
Franchises
Trademarks
Which of the following would typically be recorded as an intangible asset with a finite useful life?
Brand name
Goodwill
Franchises
Trademarks
10.
The adjusted historical cost of fixed assets, calculated as historical cost minus depreciation, is called
depreciable cost.
net book value.
amortization.
impairment.
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