ACC304FINAL[2]

ACC304FINAL[2] - Time Remaining:

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Time Remaining: 1.  Costs incurred internally to create intangibles are (Points :23)        capitalized.         capitalized if they have an indefinite life.         expensed as incurred.         expensed only if they have a limited life.  2.  The cost of an intangible asset includes all of the following except (Points :23)        purchase price.         legal fees.         other incidental expenses.         all of these are included.  3.  Which of the following is true about accounts payable? I Accounts payable should not be reported at their present value. II When accounts payable are recorded at the net amount, a Purchase Discounts  account will be used. III When accounts payable are recorded at the gross amount, a Purchase Discounts Lost  account will be used. (Points :23)        III         I         Both II and III are true 
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 06/13/2011 for the course BUS 105 taught by Professor Smith during the Spring '07 term at Strayer.

Page1 / 3

ACC304FINAL[2] - Time Remaining:

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online