Ac 551 wk 1 quiz

AC 551 Wk 1 Quiz
Download Document
Showing pages : 1 - 3 of 3
This preview has blurred sections. Sign up to view the full version! View Full Document
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 1. Question : (TCO C) Intangible assets are reported on the balance sheet Student Answer: with an accumulated depreciation account. in the property, plant, and equipment section. separately from other assets. None of the above Instructor Explanation: Proper classification under U.S. GAAP. Chapter 12 Points Received: 4 of 4 Comments: 2. Question : (TCO C) Which of the following is often reported as an extraordinary item? Student Answer: Amortization expense Impairment losses for intangible assets Research and development costs None of the above Instructor Explanation: None of the items qualify as extraordinary items, which are rare. Amortization, impairment losses, and research and development are normal transactions in an operating business. Chapter 12 Points Received: 4 of 4 Comments: 3. Question : (TCO C) Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaqs books as follows: Patent AA, $5,000; Patent BB, $2,000; and Patent CC, $3,000. When Patent AA, $5,000; Patent BB, $2,000; and Patent CC, $3,000....
View Full Document