Which accounting principle requires that interest expense, or any expense for operations during a specific period, be recorded in that period? A. o Materiality principle B. o Going-concern principle C. o matching principle D. o none of the above.
The present value of expected future earnings of a business in excess of the earnings normally realized in the industry. Recorded when a business entity is purchased at a price in excess of the fair value of its net identifiable assets (excluding
Which accounting principle requires that interest expense, or any expense for operations during a specific period, be recorded in that period?
- A. o Materiality principle
- B. o Going-concern principle
- C. o matching principle
- D. o none of the above.
- How are unearned revenues classified on the
balance sheet ?
- A. Current Asset
- B. Current liability
- C. Long term liability
- D. None of the abov
- What will be the result from failing to record the year-end adjustment for
depreciation ?
- A. An overstatement of income, understatement of owners' equity
- B. An overstatement of income, understatement of assets
- C. An overstatement of income, overstatement of assets
- D. An understatement of income, overstatement of owners' equity
- E. An understatement of income, understatement of owners' equity
- Which of the following is not an example of a current liability as of Dec. 31, 1999?
- A. Management fees collected in advance in 1999, to be earned during 2000.
- B. The portion of long-term debt due in 2000.
- C. The interest due to creditors and bond holders for 2000, to be paid in 2000.
- D. Warranty liability for products carrying a two-year warranty and sold during 1999.
- Goodwill can be estimated and can be reported on the business records any time management feels the business has increased in value.
|
At the time a plant asset is being discarded or sold, it is necessary to update the
|
A convertible bond is a bond that can be converted to cash at any given time.
|
Intangible assets are those assets that are used in the operation of a business but that have no,,,,,,,,,,,,,And are,,,,,,,,,,,,,.
Double-declining-balance, 150%-declining balance, and MACRS are all examples of,,,,,,,,,.
Interest costs related to the construction of an asset should be charged directly to the Interest Expense account,,,,,,,,.
|
Step by step
Solved in 3 steps
