Acc201 test 3

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25 Questions - Developed by: Karli - Developed on: - 5.463 taken

Test 3

  • 1
    The cost of purchased building includes all of the following except
  • 2
    A company purchased land for $80k cash. real estate brokers' commission was $5k and $7k was spent for demolishing an old building on the land before construction of a new building could start. under the cost principle, the cost of land would be recorded at
  • 3
    Which of the following items is not considered a part of the cost of a truck purchased for business use?
  • 4
    Which of the following assets does not decline in service potential over the course of its useful life?
  • 5
    The four subdivisions for plant assets are
  • 6
    All of the following are reported as current liabilities except
  • 7
    The relationship between current liabilities and current assets is
  • 8
    Most companies pay current liabilities
  • 9
    A current liability is a debt that can reasonably be expected to be paid
  • 10
    Liabilities are classified on the balance sheet as current or
  • 11
    From a liquidity standpoint, it is more desirable for a company to have current
  • 12
    The relationship of current assets to current liabilities is used in evaluating a company's
  • 13
    Which of the following is usually not an accrued liability?
  • 14
    In most companies, current liabilities are paid within
  • 15
    The entry to record the issuance of an interest-bearing note credits Notes Payable for the note's
  • 16
    Which one of the following is a privately held corporation?
  • 17
    The dominant form of business organization in the United States in terms of dollar sales volume, earnings, and employees is
  • 18
    Under the corporate form of business organization
  • 19
    Stockholders of a corporation directly elect
  • 20
    The chief accounting officer in a company is known as the
  • 21
    A factor which distinguishes the corporate form of organization from a sole proprietorship or partnership is that a
  • 22
    Which of the following would not be considered an advantage of the corporate form of organization?
  • 23
    The concept of an "artificial being" refers to which form of business organization?
  • 24
    The two ways that a corporation can be classified by purpose are
  • 25
    The two ways that a corporation can be classified by ownership are

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