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.
 coal mine.


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.


Question 3.Question :(TCO 6) All of the following are classified as natural resources and are depleted except for
Student Answer: land.

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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.


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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