Answered: 12. Which of the following is NOT an…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter4: Internal Control And Cash

Section: Chapter Questions

Problem 22DQ

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8. Realized gains and losses on investments available for sale are reported a. as a current assetb. on the income statementc. on the balance sheet as part of stockholders' equityd. as a contra asset
18 When reviewing the current assets section of the balance sheet, it should include Select one: a. goodwill b. inventory c. patents d. machinery
The monetary value of the net assets is reported at its historical cost on the balance sheet? a. physical capital b. excess capital c. net capital d. financial capital
According to the acquired assets should be recorded at the amount actually paid rather than at the estimated market value. O A. monetary unit assumption O B. going concern assumption O C. cost principle D. economic entity concept
(5). Intangible assets are initially recorded at (a). cost (b). expected future value (c). expected present value of expected cash flows (d). present fair value
1. What is the accounting treatment for a corporate organization cost? a. Operating expense b. Other asset c. Intangible asset d. Deduction from share capital
In the balance sheet, assets are listed by ___? A. The importance of the asset B. their date of purchase C. the order of liquidity D. The value of the assets
Which of the following is incorrect? A. Capital + Liabilities = Assets B. Assets Liabilities Capital Capital + Liabilities = Capital - Liabilities C. Assets D. Assets -
am. 177.
The valuation method primarily used in the balance sheets of business entities is a. current exit value b. historical cost c. present value d. net realizable value
9. Write-downs of inventories to their net realizable value are recognized a. in profit or loss b. in other comprehensive income c. directly in equity d. any of these
The following are an example of Real assets EXCEPT Select one: a. Common stock b. Machines c. Buildings d. Land

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12. Which of the following is NOT an operating asset? Select one: a. Plant equipment. b. Common shares. c. Cash. d. Inventory.