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acc363questions - O RLANDO BARBA ACC/363 PART I Multiple...

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ORLANDO BARBA ACC/363 PART I. Multiple Choice (5 points) ____ 1. The cost of intangible assets should be a. amortized over the assets' estimated useful life, or 20 years, whichever is shorter. b. amortized over a period not exceeding 5 years. c. amortized over the assets' estimated useful life. d. charged to an expense account at acquisition. ____ 2. In a period of rising prices, the inventory method that results in the lowest income tax payment is ____ 3. If ending inventory is understated, net income and assets will be Net Income Assets ____ 4. Allowance for Doubtful Accounts is reported in the ____ 5. Lawford Company's equipment account increased $400,000 during the period; the related accumulated depreciation increased $30,000. New equipment was purchased at a cost of $700,000 and used equipment was sold at a loss of $20,000. Depreciation expense was $100,000. Proceeds from the sale of the used equipment were a. $210,000. b. $250,000. c. $280,000. d. $320,000. ____ 6. The inventory methods that result in the most current costs in the income statement and balance sheet are Income Statement Balance Sheet ____
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