Question 11,12,13,14,15,16

11. Company A Purchase Building, Land and Equipment for $595,000. The assets were appraised at $285,600, $183,600 and $40,800 respectively. What would be the recorded cost of the Building? a. $270,000 b. $333,200 c. $285,600 d. $595,000 12. Unearned revenues are: a. Revenues that have been earned and received b. Revenues that have been earned but not yet collected C. Liabilities created by advance cash payments from customers for products or services d. Increases to owner's equity 13. The total amount of shares that a corporation's charter allows to sell is: a. Authorized b. Issued c. Outstanding d. Common e. Preferred 14. Depreciation: a. Measures the decline in the value of the asset b. Measures physical deterioration of an asset c. Is the process of allocating to expense the cost of an asset to net b d. Both a and e e. All of the above 15. The difference between a company's assets and its liabilities is called: a. Net Income b. Shares c. Net Loss d. Equity 16. Generally Accepted Accounting Principles are: a. Not used in the real world b. Are required to make financial statement information relevant and reliable c. Are only used for internal reporting d. Are only used by auditors e. Are only used for reporting to the Bermuda Government