30. Bale Company buys land for $100,000 on 12/31/11. As of 3/31/12, the land has

an appraised value of $101,000. On 12/31/07, the land has an appraised value

of $103,600. What should be the balance of the Land account on 12/31/12?

a. $104,600

b. $103,600

c. $101,000

d. $100,000

31. Baca Company purchased equipment and these costs were incurred

Cash price $60,000

Sales taxes 3,000

Insurance during transit 500

Installation and testing 1,000

Total costs $64,500

What amount should be recorded as the cost of the equipment?

a. $64,500

b. $63,500

c. $60,000

d. $63,000

32. What organization issues U.S. accounting standards?

a. Securities Exchange Commission

b. Financial Accounting Standards Board

c. International Accounting Standards Committee

d. Financial Accounting Standards Committee

33. An exclusive right granted by the federal government allowing the owner to reproduce and sell an artistic or published work is a

a. patent

b. trademark

c. copyright

d. goodwill

34. Mondo Corporation has incurred various costs in 2012:

Acquisition of a patent, $50,000; legal fees in conjunction with the patent acquisition, $5,000; research and development costs, $10,000; and acquisition of a trademark, $20,000. What are the total intangible assets reported on the balance sheet at Dec.31,2012, assuming no intangible assets existed on Jan 1, 2012?

a. $85,000

b. $80,000

c. $75,000

d. $60,000

35. What accounting constraint refers to the tendency of accountants to resolve

uncertainty in a way least likely to overstate assets and net income?

a. comparability

b materiality

c. conservatism

d. consistency