Acc 291 Final Exam Answers

ACC291 - Principles of Accounting II

Final Exam

1. Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as

D. Revenue Expenditures

1. 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?

B. 12,000

1. Intangible assets

B. Should be reported as a separate classification on the Balance Sheet

1. Intangible assets are the rights and privileges that result from ownership of long-lived assets that

C. Do not have Physical substance

1. The book value of an asset is equal to the

D. Asset's cost less...