Question 15

If you know that a company made $10,000 in Net Sales and its Average Total Assets is $8,400. Then, Assets Turnover Ratio is 1.190

True

False

Question 14

Depletion is the term used to describe the expiration of intangible assets.

True

False

Question 13

The unrealized gains & losses for depreciable assets are reported in the income statement under 'Other Income & Expenses" section.

True

False

Question 10

If Lucas Co. revaluated its sole land that was originally recorded at $1,200,000, and found that fair value of the land is $1,000,000; Lucas Co. should recognize an unrealized gain of $200,000.

True

False