2 6. A is a written promise to pay a debt on demand or at a specified period of time. a. Inventory invoice b) Promissory note c. Long-term liability d. Amortization account 7. All of the following are part of bank reconciliation EXCEPT: a. Deposits in transit b. Outstanding checks c. NSF checks d. Revenue fee calculations 8. Each of the following are considered Plant Assets except: a. Land b. Equipment c. Buildings di Inventory 9. The value of Plant Assets includes: a. Only the cost of the asset at purchase b. Cost of the asset plus market value All costs associated with getting it ready for its intended use d. Only physical/tangible costs 10. A current liability is a debt a company expects to pay in how long? a. 6 months 2 years 1 year or less d. 5 years 11. Determining payroll requires computing which of the following? a. Gross Pay b. Net Pay c. Deductions d. All of the above 12. When it is determined that a receivable account won't be paid, it is recorded as: a. Inventory b. Bad debt expense Cost of goods sold d. Accounts payable