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partqz2_17_11sol

partqz2_17_11sol - 1 Points:0.5 The purpose of recording...

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1. Points: 0.5 The purpose of recording amortization expense is to provide cash necessary to replace intangible assets when they are used up record the balance sheet amount of amortizable assets at replacement value match expenses with revenues using a reasonable systematic method. determine cash basis income 2. Points: 0.5 Intangible assets differ from plant assets in that they are consumed in the current accounting period include prepaid expenses that extend beyond the current accounting period. have no physical existence are matched against the revenue in the period the related revenue is recognized 3. Points: 1 Select all of the following which will be reported as assets in the balance sheet. Accumulated depreciation Sales discounts Additional paid in capital Unearned revenue Prepaid expenses Common stock Dividends payable Equipment Cost of goods sold Accounts receivable Other operating expenses Income taxes payable Franchise Accounts payable Sales Dividends declared Inventory 4. Points: 0.5
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