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10/19/09 ECON 3A- ANDERSON- MT1 VERSION 1—WRITE ON SCANTRON!! 1. Present value is a. all of these. b. the value now of a future amount. c. the amount that must be invested now to produce a known future value. d. always smaller than the future value. 2. An amount is deposited for eight years at 8%. If compounding occurs quarterly, then the table value is found at 3. Which of the following is true? 4. On January 15, 2004, Grant Corp. adopted a plan to accumulate funds for environmental improvements beginning July 1, 2008, at an estimated cost of $2,500,000. Grant plans to make four equal annual deposits in a fund that will earn interest at 10% compounded annually. The first deposit was made on July 1, 2004. Future value factors are as follows: Future value of 1 at 10% for 5 periods 1.61 Future value of ordinary annuity of 1 at 10% for 4 periods 4.64 Future value of annuity in advance of 1 at 10% for 4 periods 5.11 Grant should make four annual deposits of 5. Which of the following facts concerning fixed assets should be included in the summary of significant accounting policies? Depreciation Method Composition ——————————————————— ——————————— a. Yes No b. Yes Yes c. No Yes d. No No
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6. Items which do not appear on the income statement above the tax provision should be presented on a "net of tax" basis. a. false b. true 7. A Company has sold a portion of their business during the year. This should be presented in the income statement:
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