5-) A company borrowed $10,000 by signing a 180-day promissory note at 9%. The total interest due on the maturity date is: (Use 360 days a year.)

A) $900

B) $75

C) $450

D) $300

E) $1,800

TURE/False

6- Revising an estimate of the useful life or salvage value of a plant asset is referred to as a change in accounting estimate and is reflected in the current, and future financial statements

7-Plant assets are defined as:

A) Tangible assets that have a useful life of more than one accounting period and are used in the operation of a business.

B) Current assets.

C) Held for sale.

D) Intangible assets used in the operations of a business that have a useful life of more than one accounting period.

E) Tangible assets used in the operation of business that have a useful life of less than one accounting period