Please answer all questions and will definitely rate

30. Intangible assets A) are not reported on the balance sheet because they lack physical substance. B) should be reported as a separate classification on the balance sheet. C) should be reported under the heading Property, Plant, and Equipment. D) should be reported as Current Assets on the balance sheet. 31. Under the lower-of-cost-or-market basis, market is defined as current replacement cost. A) True B) False 32. An application of good internal control over cash disbursements is A) B) C) D) following payment, the approved invoice should be stamped PAID. check signers should record the cash disbursements. each check should be compared with the approved invoice after the check is issued. blank checks should be stored in the treasurer's desk. 33. Bad Debts Expense is considered A) B) C) D) an avoidable cost in doing business on a credit basis. a necessary risk of doing business on a credit basis. an internal control weakness. avoidable unless there is a recession. 34. Hull Company acquires land for $96,000 cash. Additional costs are as follows: Removal of shed Filling and grading Salvage value of lumber of shed Broker commission Paving of parking lot Closing costs S 300 1,500 120 1,530 10,000 560 Hull will record the acquisition cost of the land as A) S98,090. B) $99,990. C) $99,770. D) $96,000. 35. The daily cash count of cash register receipts made by department supervisors is an example of A) B) independent internal verification. establishment of responsibility C) D) segregation of duties. other controls. 36. If a purchaser using a perpetual system agrees to freight terms of FOB shipping point, then the A) B) C) D) Merchandise Inventory account will not be affected. carrier will bear the freight cost. Merchandise Inventory account will be increased. seller will bear the freight cost. 37. A patent should A) be amortized over its useful life or 20 years, whichever is shorter. B) be amortized over a period of 20 years. C) not be amortized if it has an indefinite life. D) be amortized over its useful life or 20 years, whichever is longer. 38. The safeguarding of assets is an objective of a company's system of internal control. A) True B) False