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ACCT 212 Week 5 Quiz (Updated)

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ACCT 212 Week 5 Quiz (Updated)

Question 1.

Question :

(TCO 6) An example of an intangible asset is

	Student Answer:		land.
			equipment.
			coal mine.
			goodwill.

Question 2.

Question :

(TCO 6) The process of allocating the cost of a plant asset to expense over the period in which the asset is used is called

	Student Answer:		amortization.
			allocation.
			depreciation.
			disclosure.

Question 3.

Question :

(TCO 6) All of the following are classified as natural resources and are depleted except for

	Student Answer:		land.
			timber.
			minerals.
			oil.

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Question 4.

Question :

(TCO 6) The method used to account for investments in which the investor has 35% of the investee’s voting stock and can significantly influence the decisions of the investee is the

	Student Answer:		market value method.
			consolidated method.
			equity method.
			historical cost method.

Question 5.

Question :

(TCO 6) Which of the following is not necessary to know in computing the future value of an annuity?

	Student Answer:		Amount of the initial payment
			Interest rate
			Length of time between investment and payment
			Year the payments begin

Question 6.

Question :

(TCO 6) A current liability is a debt that can reasonably be expected to be paid

	Student Answer:		within 1 year or the company’s normal operating cycle (if it is longer than 1 year).
			between 6 months and 18 months.
			out of cash on hand.
			out of current revenues.

Question 7.

Question :

(TCO 6) The current ratio is current assets

	Student Answer:		minus current liabilities.
			divided by current liabilities.
			plus current liabilities.
			multiplied by current liabilities.

Question 8.

Question :

(TCO 6) If the market interest rate is greater than the stated interest rate, bonds will sell

	Student Answer:		at face value.
			at a discount.
			at a premium.
			at market value.

Question 9.

Question :

(TCO 6) Bonds that are secured by real estate are called

	Student Answer:		term bonds.
			serial bonds.
			mortgage bonds.
			debentures.

Question 10.

Question :

(TCO 6) The financing option that has the lowest risk to a company is financing by

	Student Answer:		retained earnings.
			issuing stock.
			issuing bonds payable.
			issuing notes payable.

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ACCT 212 Week 5 Quiz (Updated)

ACCT 212 Week 5 Quiz (Updated)

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