Q1: The declining-balance method of amortization produces..

A)

a constant amount of amortization expense each period

B)

a decreasing amortization expense each period.

C)

an increasing amortization expense each period

D)

a declining percentage rate each period

Q2: Any fees associated with accepting a form of payment are:

A)

Recorded as a Fees Expense

B)

Recorded as a Loss on Sale

C)

Can be any of the above depending on the nature of the business

D)

Not recorded

Q3: The Income Statement Method of estimating bad debts

A)

applies apercentage to the net credit sales

B)

can be used in a company with a cash only policy

C)

writes off bad debts as they are incurred only

D)

applies a percentage to the accounts receivable

Q4: When using the Balance Sheet method, a percentage of the outstanding accounts receivable is calculated as the estimate of uncollectible bad debts. That calculated amount is:

A)

The new balance of Allowance for Doubtful Accounts

B)

Expensed completely

C)

Added to the Allowance for Doubtful Accounts

D)

Subtracted from the Allowance for Doubtful Accounts

Q5: The interest on a note payable is recognized at:

A)

The maturity of the note

B)

When the note is issued

C)

When the note is paid

D)

Interest is never recognized

Q6: Which of the following is an intangible asset that results from the purchase of an asset for more than its net asset value?

A)

Patent

B)

Goodwill

C)

Trade name

D)

Trademark

Q7: According to the matching principle, future removal and site restoration costs, especially for a natural resource, must be..

A)

expensed as incurred

B)

estimated in advance and expensed completely in the year of acquisition of the related natural resource

C)

expensed in the final year of operations

D)

estimated in advance and allocated over the useful life of the natural resource

Q8: The net book value of an asset is equal to the..

A)

asset's cost less amortization expense

B)

replacement cost of the asset

C)

asset's market value less its historical cost

D)

asset's cost less accumulated amortization

Q9: Which of the following methods of calculating amortization is production based?

A)

Straight Line

B)

Units of Activity

C)

Declining Balance

D)

None of these

Q10: Management should select the amortization method that...

A)

best measures the capital asset's market value over its useful life.

B)

is easiest to apply

C)

has been used most often in the pasdt by the company

D)

best measures the capital asset's contribution to revenue over its useful life.

Q11: The following items should NOT be capitalized regarding a Truck:

A)

Yearly oil changes

B)

Freight In

C)

The cost of a new license plate

D)

Purchase Price

Q12: A)

Accounts Receivable is credited

B)

Allowance for Doubtful Accounts is credited

C)

Credit Sales is credited

D)

Bad Debt Expense is credited

Q13: Debit Cards are....

A)

All of the above

B)

Used by more women than men

C)

popular in Canada

D)

Free for the retailer to accept

Q14: A change in the estimated useful life of the equipment requires...

A)

retoactive change in the amount of periodic amortization recognized in previous years

B)

that income for the current year be increased

C)

that the amount of periodic amortization be changed in the current year and in the future years

D)

that no chane be made in the periodic amortization so that information amounts are comparable over the life of the asset

Q15: Research costs ...

A)

must be expensed when incurred under generally accepted accounting principles

B)

should be inclured in the cost of the patent they relate to.

C)

are classified as intangible assets

D)

are capitalized and then amortized over a period not to exceed 40 years.

There are 15 multope choice questions in total, please help me to do it fast and precise!!! Thank you very much!!1