A$)$ Expending cash to internally develop an intangible asset is an accounting event

a$.$ True

b$.$ False

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B$)$ Which term refers to the occurrence of events involving cash

a$.$ Recognition

b$.$ Realization$$

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C$)$ What is the most important aspect of the Concepts Statements definition of an asset?

a$.$ The firm has obtained control over the item

b$.$ The firm has an obligation regarding the item

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D$)$ The receipt of interest on a financial asset is classified in what section of the cash flow statement

a$.$ Operating

b$.$ Investing

c$.$ Financing

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E$)$ The balance sheet stays in balance because

a$.$ Debits equal credits

b$.$ Owners$$ equity is measured as a residual interest

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F$)$ What subtotal would appear closer to the top of a multiple$-$step income statement

a$.$ Operating income

b$.$ Gross margin$$

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G$)$ What type of item is $($currently$)$ presented net of tax on a multiple$-$step income statement

a$.$ Discontinued operations

b$.$ Extraordinary items

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H$)$ The change in the cash balance during a period is called

a$.$ Operating cash flow

b$.$ Net cash flow

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I$)$ When cash is expended before expense is recognized, that is a

a$.$ Deferred expense

b$.$ Accrued expense

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J$)$ Accumulated depreciation is what type of account

a$.$ An expense

b$.$ An asset

c$.$ A contra asset

d$.$ A liability

e$.$ A contra liability

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