ACC 291 Sample Final Exam 3.docx - ACC 291 Sample Final...

ACC 291 Sample Final Exam
---- Ordinary repairs are expenditures to maintain operating efficiency of a plant asset and are
referred to as
--- Using percentage of receivables method for recording bad debts expense, estimated
uncollectible accounts are $15,000. If balance of Allowance for Doubtful Accounts is $3,000
credit before adjustment, what is amount of bad debts expense for that period?
---- Intangible assets ---- Intangible assets are rights and privileges that result from ownership of long-lived assets that --- book value of an asset is equal to --- Gains on an exchange of plant assets that has commercial substance are --- Hahn Company uses percentage of sales method for recording bad debts expense. For year,
cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is sales
percentage to use. What adjusting entry will Hahn Company make to record bad debts expense?
---- Costs incurred to increase operating efficiency or useful life of a plant asset are referred to as