Which of the following statements is true? A. Current liabilities are debts expected to be paid out of current assets within the next year. B. Property, plant, and equipment are classified as intangible assets on the statement of financial position. C. Current assets are resources of a company which might include cash and copyrights. D. Accumulated depreciation is the amount of depreciation on the income statement for the current year.
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- Which of the following is not a required disclosure regarding intangible assets that are amortized for each period a company presents a balance sheet? a. the total costb. the accumulated amortizationc. the amortization expensed. the estimated amortization expense for the next ten years38. The current asset section of a balance sheet most likely will include: a. goodwill arising in a business combination accounted for as acquisition b. all deferred income taxes resulting from interperiod income tax allocation c. rent receivable for a security deposit on a lease d. a receivable from a customer not collectible for over one yearAccumulated depreciation is: The depreciation expense recorded on an asset to date. The remaining book value of an asset. The depreciation expense taken on an asset during the current period. An expense on the income statement.
- The value of "Property, Plant, & Equipment, net" reported on the balance sheet represents: A) The allocated cost of using the asset for the year. B) The fair market value of the assets. C) The historical cost of the assets D) The cost of the assets not yet expensed on the income statement. The gain or loss from selling an asset reported on the income statement is computed as: A) The difference in the cash received and the historical cost of the assets B) The difference in the fair market value of the asset and the historical cost of the asset. C) The difference in the amount of cash received for the asset less the cost to sell the D) The difference in the book value o f the asset and the cash received for the assetAverage age of a company's long-term operating assets is computed as ________. Group of answer choices the amount of depreciation expense divided by accumulated depreciation the balance of ending net fixed assets divided by depreciation expense the amount of depreciation expense divided by the balance of ending net fixed assets the amount of accumulated depreciation divided by depreciation expenseAccumulated Depreciation appears on the... Select one: a. balance sheet in the long-term liabilities section b. income statement as an operating expense c. balance sheet in the property, plant, and equipment section d. balance sheet in the current assets section
- Assets used to generate revenue for a period longer than one year are called :Select one A. Fixed assets B. Long-term assets C. Contra assets D. Depreciation12. Annual depreciation and accumulated depreciation are most likely classified as which financial statement elements? Depreciation Accumulated depreciation Expenses Contra liabilities Liabilities Contra assets Expenses Contra assetsWhich group of items would most likely be included in the other assets account onthe balance sheet?a) Inventories, marketable securities, bonds.b) Land held for investment purposes and long-term prepayments.c) One-year prepaid insurance policy, stock investments, copyrights.d) Inventories, franchises, patents.
- Accumulated Depreciation appears on the a.balance sheet in the Long-Term Liabilities section b.balance sheet in the Property, Plant, and Equipment section c.balance sheet in the Current Assets section d.income statement as an operating expenseWhich of the following transactions and events would result in a deterioration in Net Tangible Asset Backing in year 2020? A. the consumption of a prepaid expense from the previous period B. a payment for wages owing from the previous period C. the recognition of income tax expense owing at the end of the periodWhen companies acquire resources (in the form of expenses), they can either be reported as an asset in the balance sheet or an expense in the income statement. - How is the acquisition of tangible fixed assets and intangible assets in accordance with ÅRL and K3 usually reported?- What effects do the two alternatives (asset or cost) have on the reported result, partly during the current year and partly during the coming years?