could you answer this mutiple choices?

1. A company purchased land for $90,000 cash. Real estate brokers' commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start Under the cost principle, the cost of land would be recorded at a. $97.000 b. $90.000 C. $95.000 d. $102,000 2. Which of the following assets does not decline in service potential over the course of its useful life? a. Equipment b. Furnishings c. Land d. Fixtures 3. The cost of land does not include a real estate brokers' commission b. annual property taxes. c. accrued property taxes assumed by the purchaser. d. title fees. 4. Carley Company purchases a new delivery truck for $45,000. The sales taxes are $3,000. The logo of the company is painted on the side of the truck for $1.200. The annual truck license is $120. The truck undergoes safety testing for $220What does Carley record as the cost of the new truck? a $49.540 b. $49.420 c. $48.000 d. $47.420 5. The balance in the Accumulated Depreciation account represents the a. cash fund to be used to replace plant assets. b. amount to be deducted from the cost of the plant asset to arrive at its fair market value C. amount charged to expense in the current period. d. amount charged to expense since the acquisition of the plant asset. 5a. I took this class because a. I wanted to gain a better understanding of accounting b. I wanted to broaden my business background c. I am very interested in the global economy d. Accounting is what makes the world go round .. Thad nothing to do between 8:40 and 11:00 Tu & Th. 6. The book value of an asset is equal to the a. asset's market value less its historical cost. b. blue book value relied on by secondary markets. c. replacement cost of the asset. d. asset's cost less accumulated depreciation 7. Depreciation is a process of a asset devaluation b. cost accumulation C. cost allocation d. asset valuation 8. The declining-balance method of depreciation produces a decreasing depreciation expense each period b. an increasing depreciation expense each period. c. a declining percentage rate each period. d. a constant amount of depreciation expense each period 9. Units-of-activity is an appropriate depreciation method to use when at is impossible to determine the productivity of the asset. b. the asser's use will be constant over is useful ife. c. the productivity of the asset varies significantly from one period to another. d. the company is a manufacturing company. _10. A change in the estimated useful life of equipment requires a retroactive change in the amount of periodic depreciation recognized in previous years that no change be made in the periodic depreciation so that depreciation hat the amount of periodic depreciation be changed in the current year and in future years That income for the current year be increased. 10a. I would recommend this class to my friends because think they would find it very interesting will open their eyes to the wonders of accounting c. the class is a good foundation for accounting many of my friends are interested in starting their own business I hate my friends 11, disposal of a plantaiset occurs during the year. depreciation is recorded for the fraction of the year to the date of the disposal. d not recorded if the asset is scrapped 12. If a plant asset is retired before it is fully depreciated, and no salvage or scrap value is received a again on disposal will be recorded b. phantom depreciation must be taken as though the asset were still on the c. a loss on disposal will be recorded d. no gain or loss on disposal will be recorded 13. Working capital is a current assets plus current abilities current assets minus current abilities c. current assets divided by current liabilis d. current assets multiplied by current liabilities 14. The entry to record the payment of an interest-bearing note at maturity after all interest expense has been recognized is a Notes Payable Interest Payable Notes Payable Interest Expense c.Nodes Payable Cash Notes Payable Cash Interest Payable _15. A company receives $132. of which $12 is for sales tax. The journal entry to record the sale would include a a debit to Sales Tax Expense for $12. credit to Sales Tax Payable for $12. c. debit to Sales for $132 d. debit to Cash for $120. 15a. For each class. I most looked forward to: discussions about current business events c. understanding concepts I was hazy on beforehand d applying what I learned to what I want to do 11:00 AM 16. The interest charged on a $50,000 note payable at the rate of 8%, on a 3-month note would be a $4.000 b. $2.000 c. $1,000 d. 5667 17. If a contingent liability is reasonably estimable and it is reasonably possible that the contingency will occur, the contingent liability a. should be recorded in the accounts. b. should be disclosed in the notes accompanying the financial statements. c. should not be recorded or disclosed in the notes until the contingency actually happens. d. must be paid for the amount estimated. 18. A contingency that is remote a. should be disclosed in the financial statements. b. must be accrued as a loss. c. does not need to be disclosed. d. is recorded as a contingent liability. 19. The journal entry to record the payroll for a period will include a credit to Wages and Salaries Payable for the gross a. amount less all payroll deductions. b. amount of all paychecks issued. C. pay less taxes payable. d. pay less voluntary deductions. _20. The tax that is paid equally by the employer and employee is the a. federal income tax. b. federal unemployment tax. c. state unemployment tax. d. FICA tax 202. The statement that best reflects my reaction to Accounting 101 is: a. I found accounting challenging b. I found accounting interesting C. I found accounting useful towards my business goals d. I found accounting helpful in understanding daily economic news. e. I found a $20 in my jacket pocket. Who wants to go to McDonalds? 20b. The best word to describe this class is: a. Awe inspiring b. Incredibly interesting C. Thought provoking d. Meaningfully insightful e. Hey wait! You said one word