Question
____ 47. The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called a.
____ 47. The process of transferring the cost of metal ores and other minerals removed from the earth to an expense account is called
| a. | depletion |
| b. | deferral |
| c. | amortization |
| d. | depreciation |
____ 48. Which of the following is included in the cost of constructing a building?
| a. | insurance costs during construction |
| b. | cost of paving parking lot |
| c. | cost of repairing vandalism damage during construction |
| d. | cost of removing the demolished building existing on the land when it was purchased |
____ 49. Pilgrim Company sells merchandise with a one year warranty. In 2021, sales consisted of 1,500 units. It is estimated that future warranty repairs will average $10 per unit sold, and 30% of the repairs will be made in 2021 and 70% made in 2022. In the 2021 income statement, Pilgrim should show warranty expense of
| a. | $4,500 |
| b. | $10,500 |
| c. | $15,000 |
| d. | $0 |
____ 50. Which statement below is not a determinate in calculating the amount of federal income taxes withheld from an individuals pay?
| a. | filing status |
| b. | various types of earnings |
| c. | gross pay |
| d. | number of exemptions |
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Accounting for Governmental and Nonprofit Entities
Authors: Jacqueline Reck, Suzanne Lowensohn, Earl Wilson
17th edition
78025826, 978-1259564239, 1259564231, 978-0078025822
