Nighthawk117

what are the main characteristics of an intangible asset - ANS1. lack physical existence, derive value from the rights and privileges granted to the company 2. non financial instruments internally created intangibles - ANS- Generally expensed - Only capitalize direct costs incurred in developing the intangible, such as legal costs companies only amortize their - ANSlimited life tangibles a trade mark or trade name has - ANSan indefinite life Customer-related intangible assets -...

What is meant by the phrase efficient allocation of resources? What mechanism fosters the efficient allocation of resources in the United States? - ANSResources are efficiently allocated if they are given to enterprises that will use them to provide goods and services desired by society and not to enterprises that will waste them. The capital markets are the mechanism that fosters this efficient allocation of resources. What is the primary objective of financial accounting? - ANSThe primary...

Which of the following statements is INCORRECT concerning traditional ABC? A. It assigns only the cost of used capacity to products B. All of these statements are correct C. It is expensive to build and maintain D. It provides better results than a system which uses volume-based drivers E. It is difficult to modify the system after it is in place - ANSA. It assigns only the cost of used capacity to products Which of the following statements is CORRECT? The capacity cost rate in TDABC: ...

five step revenue recognition process - ANS1. identify the contract with the customer 2. identify the performance obligations (single or multiple) 3. determine the transaction price 4. allocated the transaction price (all at once or a period in time) 5. recognize revenue when or as the entity satisfies the performance obligation performance obligation - ANSa promise by the seller to transfer goods or services to a customer; the seller recognizes revenue when it satisfies this contro...

long-term liabilities - ANSconsist of probable future sacrifices of economic benefits arising from present obligations that are not payable within a year or the operating cycle of the company, whichever is longer. examples of long term liabilities - ANSBonds payable Notes payable Mortgages payable Deferred taxes Certain contingencies Pension liabilities Lease liabilities Reasons for Issuance of Long term liabilities - ANS1. debt financing = only available source of funds 2. debt ...

Accounting 5110 questions and answers with grade A+ and accurate answers

Included in Cash: - ANS-coins and currency -checking accounts -savings accounts - negotiable checks - bank drafts excluded from cash - ANS- sinking funds - certificates of deposit - bank overdrafts - postdated checks - travel advances - cryptocurrencies cash equivalents - ANSShort-term, highly liquid investments that are readily convertible into known amount of cash and near their maturity (90 days) when purchased (e.g. commercial paper, T-bills, money market funds) receiv...

Billings on Construction in Progress - ANS- increases with credit - found on BS Prepaid Expenses - ANS- increases with debit - found on BS Allowance for Doubtful Accounts - ANS- increases with credit - found on BS Gain on Sale of Land - ANS- increases with credit - found on CIS Deferred Rent Revenue - ANS- increases with credit - found in BS

what are the major characteristics of property, plant, and equipment? - ANSthey are required for use in operations and not held for resale, long term in nature and usually depreciated, possess physical substance historical cost - ANSmeasures the cash or cash equivalent price of obtaining the asset and bringing it to the location and condition necessary for its intended use subsequent to acquisition, companies should ____ write up property, plant, and equipment, to reflect fair value when...

What does the "Time Value of Money" Indicate? - ANSA dollar received today is worth more than a dollar promised at some time in the future. What is the objective of using present value in an accounting measurement? - ANSTo capture, to the extent possible, the economic difference due to timing between sets of estimated future cash flows. What are some examples of items in accounting that need to be estimated for present value? - ANS-Long-term Liabilities -Investments -Business Co...