Part I: 10 Multiple-Choice Questions@ 2 points each (20 points to Please fill-in

Question

Part I: 10 Multiple-Choice Questions@ 2 points each (20 points to Please fill-in the best possible answer on 1) Net realizable value is calculated as forfeited- A) net receivables plus sales discounts rnts minus sales discounts taken minus sales discounts forfeited minus allowance for uncollectible accounts B) gross receivables C) gross receivables D) gross receivables 2) Before Intangible (FLi) asseperty plant, and equipment (PPE) and finite-life A) the firm will assess PPE as individual assets and FLI assets in asset groups B) the firm will assess PPE in asset groups and FLI assets as individual assets C) the firm will assess both PPE and FLI assets in asset groups D) the firm will assess both PPE and FLI assets as individual assets or in asset groups 3) Which of the following is a finite-life intangible asset? A) goodwill B) building C) trademark D) copyright 4) Under the allowance method, the recovery of an account previously written-off A) has no effect on the allowance for uncollectible accounts B) has no effect on total assets C) increases net income D) increases net realizable value of receivables Anakwe-In te Accounting 1, Fall 2017: Exam 3A

Explanation / Answer

1)correct option is d"

Net realizable value =Gross receivable - Allowance for doubtful account

2)correct option is "C"

The firm should assess Both PPE and finite life asset in asset group (that is should be tested for impairment loss).whether the overall asset group is impaired or not .

3)correctoption is "d"-copyright

Generally the cost of copyright is amortised over its useful or legal life .

4)correct option is "B"

Has no effect on Total asset . As allowance on doubtful account and accounts receivable increases by same amount

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