Which one is an example of intangible long-term asset? Select one: a. Software b. Land c. Equipment Clear my choice Question

12Not yet answeredMarked out of 1.00Not flaggedFlag question Question text Which method is the allowance method approach that estimates bad debt expenses based on the assumption that at the end of the period, a certain percentage of sales during the period will not be collected? Select one: a. Income statement method b. Direct write-off method c. Completed contract method Clear my choice Question

13Not yet answeredMarked out of 1.00Not flaggedFlag question Question text Whereby the seller transfers ownership and financial responsibility at the time of shipment. What is the name of the term? Select one: a. Goods in transit b. FOB shipping point c. FOB destination point Clear my choice Question

14Not yet answeredMarked out of 1.00Not flaggedFlag question Question text You just posted a debit to the Orange Company in the accounts receivable subsidiary ledger. Which special journal did it come from? Select one: a. Cash disbursements journal b. Purchases journal c. Sales journal Clear my choice Question

15Not yet answeredMarked out of 1.00Not flaggedFlag question Question text ____________________ is a special ledger that contains information about all vendors and the amounts we owe them. Select one: a. Accounts receivable subsidiary ledger b. Accounts receivable control c. Accounts payable subsidiary ledger Clear my choice Question

16Not yet answeredMarked out of 1.00Not flaggedFlag question Question text What is the computerized system to record and process a sale immediately when it occurs, usually by scanning the product bar code? Select one: a. point-of-sale system (POS) b. enterprise resource planning (ERP) c. cryptocurrency Clear my choice Question

17Not yet answeredMarked out of 1.00Not flaggedFlag question Question text The purpose of bank reconciliation is to make payments for small amounts that are immaterial, such as postage, minor repairs, or day-to-day supplies. Select one: a. True b. False Clear my choice Question

18Not yet answeredMarked out of 1.00Not flaggedFlag question Question text What is the uncollectible amounts from customer accounts? Select one: a. Bad debts b. Accounts receivable c. Revenue Clear my choice Question

19Not yet answeredMarked out of 1.00Not flaggedFlag question Question text Capitalization is the process by which a long-term asset is recorded on the balance sheet and its allocated costs are expensed on the income statement over the assets economic life Select one: a. True b. False Clear my choice Question

20Not yet answeredMarked out of 1.00Not flaggedFlag question Question text If the ABC Company has three lots of products for sale, purchase 1 (earliest) for $20, purchase 2 (middle) for $15 and purchase 3 (latest) for $25, which cost would be assumed to be sold first using FIFO costing? Select one: a. $20 b. $15 c. $25