ACC 291 FINAL EXAM ANSWERS

Answer Key at the end

University of Phoenix

1) Intangible assets are the rights and privileges that result from ownership of long-lived assets that A. must be generated internally B. are non-renewable natural resources C. do not have physical substance D. have been exchanged at a gain

2) Gains on an exchange of plant assets that has commercial substance are A. deducted from the cost of the new asset acquired B. deferred C. not possible D. recognized immediately

3) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are 15,000. If the balance of the Allowance for Doubtful Accounts is 3,000 credit before adjustment, what is the amount of bad debts expense for that period? A. 15,000 B. 12,000 C....