Short-lived goods and services that are treated as a business expense as they are used rather than depreciated over several years are called Multiple Choice O capital items. expense items. derived items. durables. nontaxable items. H ‒‒ Next
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- An impairment loss for long-lived assets which are to be held and used should be reported on the income statement as a(n) a. Extraordinary item . b. Component of the income or loss from the operations of a discontinued segment. c. Cumulative effect of a change in accounting principle . d. Component of income from continuing operations before income taxes.Which of the following best describes Accrued Liabilities?a. Long-term liabilities.b. Current amounts owed to suppliers of inventory.c. Expenses incurred, but not paid at the end of theaccounting period.d. Revenues that have been collected but not earnedplease qucikly, thanks! 30 Which of the following is not a contra account? A, Purchase returns and allowances B. Sales returns and allowances C. Accumulated depletion D, Accumulated depreciation
- Which accounting principle requires that bad debts expense be recognized in the same period as the sale? A) Measurement principle B) Expense Recognition (Matching) principle C) Revenue Recognition principle D) Historical Cost principle Please answer ASAP, I will upvoteWhile calculating operating profit which will not be added back to net profit a. Preliminary Expenses Written off b. Depreciation c. Loss on Sale of Asset d. Rent ExpensesA company wishing to increase earnings in the current period may choose to:A . decrease the useful life of depreciable assets.B . lower estimates of uncollectible accounts receivables.C . classify a purchase as an expense rather than a capital expenditure.
- Which one of the following items is not included in the determination of income from continuing operations? a. Discontinued operations. b. Restructuring costs. c. Long-lived asset impairment loss. d. Unusual loss from a write-down of inventory.Which of the following is not a counterbalancing error? Non-recognition of the unused portion of office supplies at year end. Omission of accrued interest expense at year end. Non-recording at year end of rent already earned but uncollected. Overstatement of depreciation for the current year.Which of the following statements is not correct? Multiple Choice The cost less the salvage value equals the depreciable base of a long-term asset. Uncollectible Accounts Expense is a contra asset account. If a firm records prepaid expense items in an expense account when they pay for them, their adjustment at the end of the period to record the unexpired portion would include a debit to an asset account and a credit to an expense account. Each adjustment for an accrued expense includes a credit to a liability account.
- The possible answers for option D are:Cost of Goods SoldDepreciation ExpenseEarned RevenueIncome Tax ExpenseInsurance ExpenseInterest ExpenseSupplies ExpenseWage ExpenseWhich of the following is an example of a conservative accounting practice? a. Estimate the allowance for uncollectible accounts to be a larger amount.b. Do not write down inventory for declines in net realizable value (estimated selling price).c. Record a lower amount of depreciation expense in the earlier years of an asset’s life.d. Record sales revenue before it is actually earned.Companies that manufacture goods and hold onto them for a while before selling them and companies that buy goods and hold them temporarily for resale have created ______. Question 17 options: receivable assets accrual assets receivable storage inventories