Which of the following statements is false? (a) Financial Instruments are intangible assets (b) Goodwill is not amortizable (c) Goodwill can be identified only in business combination situation (d) Straightline method is generally used to calculate amortazation
MCQ: Choose only the correct answer
Which of the following statements is false?
(a) Financial Instruments are intangible assets
(b)
(c) Goodwill can be identified only in business combination situation
(d) Straightline method is generally used to calculate amortazation
Which of the following will not be considered while calculating the depletion base?
(a) Acquisition costs
(b) Tangible development costs
(c) Restoration Costs
(d) Intangible development costs
Which of the following will not be included into the the original cost of a land?
(a) Legal fees
(b) Brokers' commision
(c) Property taxes
(D) Accrued property taxes of previous owner
The
(a) Inventory Dr. and Cash Cr.
(b) Transportation-in Dr. & Cash Cr.
(c) Delivery Expense Dr. & Cash Cr.
(d) Transportation-Out Dr. & Cash Cr.
In case of change in estimate of useful life for a tangible fixed asset, which of the following we shouldn't do?
(a) Apply the changes in coming years
(b) Make prior perod adjustments for the changes
(c)Calculate
(d) Calculate depreciation based on the new useful life for the current year
Which of the following is an advantage of a par value stock?
(a) More popular among shareholders
(b) Can be converted into
(c) Flexibility in dividend payment
(d) No confusion between par value and fair value
Recoverability test cannot be conducted for which kind of intangible assets?
(a)Copyright
(b) Patent
(c) Goodwill
(d) Customer List
Understating ending inventory of this year will lead to-
(a)Overstating gross profit of this year
(b) More tax payment for the current year
(c) Overstating net income of the next year
(d) Understating cost of goods sold of this year
Small stock dividend is also known as-
(a)Ordinary stock dividend
(b) Dividend in kind
(c) Liquidating dividend
(D) Stocksplit
Which of the following is an example of a market related intangible asset?
(a)Goodwill
(b) Internet domain name
(c) Copyright
(d) Licensing
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