Acct305 Week 4 Midterm Exam
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Acct305 Week 4 Midterm Exam 1
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1.Property, plant, and equipment and intangible assets are (Points : 9) long-term revenue-producing assets. created by the normal operation of the business and include accounts receivable. all assets except cash and cash equivalents. current and long-term assets used in the production of either goods or services. 2.(TCO 3) Our company exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming the exchange la...
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Acct305 Week 4 Midterm Exam•Acct305 Week 4 Midterm Exam
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1.Property, plant, and equipment and intangible assets are (Points : 9) long-term revenue-producing assets. created by the normal operation of the business and include accounts receivable. all assets except cash and cash equivalents. current and long-term assets used in the production of either goods or services. 2.(TCO 3) Our company exchanged land and cash of $5,000 for similar land. The book value and the fair value of the land were $90,000 and $100,000, respectively. Assuming the exchange la...