QUESTION 4

If inventory is sold with terms of FOB destination, the goods belong to the seller while in transit.

True

False

5 points

QUESTION 5

Maya Company's purchase of 100 shares of Labrador Inc. common stock would be reported as a financing activity on its statement of cash flows.

True

False

QUESTION 7

Assuming no additions, replacements, or extraordinary repairs, the book value of a long-lived asset declines over time.

True

False

QUESTION 10

Fixed assets are ______ and are found on the ______:

		long-lived tangible assets; balance sheet
		long-lived intangible assets; balance sheet
		current tangible assets; balance sheet
		current intangible assets; income statement

4 points

QUESTION 11

Which of the following items is not a specific account in a company's chart of accounts?

		Income Tax Expense
		Sales Revenue
		Unearned Revenue
		Net Income QUESTION 26 Accounts Payable, Notes Payable, and Salaries and Wages Payable are examples of liabilities. True False