What is the common characteristic of all the assets owned by a company? A. Intangible B. Long Life C. Future Economic Benefits D. None of the above
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- What is the common characteristic of all the assets owned by a company? 1. Intangible 2. Long Life 3. Future Economic Benefits 4. None of the aboveHow do businesses recover the cost of capitalized, intangible assets? O Direct write-off O Depreciation O Amortization O Single deductionDo you think a company like Target would have significant research anddevelopment costs or capitalized interest related to self-constructed assets? Explain.
- TRUE OR FALSE Typically, intangible assets are shown on a company’s balance sheet at fair value.What are the long-term assets which do not have any physical existence? A. Intangible Assets B. Tangible Assets C. Current Liabilities D. Current AssetsWhich one of the following is an essential characteristic of an asset? A. The inflow of future economic benefits is controlled by the enterprise B. It must be exclusively owned and must be exchangeable C. The cost of the asset can be measured accurately D. It is a result of either a past or predictable transaction or activity
- Which of the following is NOT correct regarding the rate of return on assets? a. The rate of return on assets measures management’s ability to productively employ all its resources. b. The rate of return on assets measures the return on all assets used regardless of how the assets are financed. c. The rate of return on assets is a measure of profitability. d. The rate of return on assets measures the return on the investment made by the owners of the entity. is B the correct answer?How long does an asset remain the most useful to the company? What do statutes and accounting rules mandate about assessing an asset's span of economic value?38. Which of the following account statements regarding assets is not true? a. An asset represents a probable future economic benefit b. Assets are obtained or controlled as a result of past or probable future transactions c. Assets reported on the balance sheet include both monetary and nonmonetary resources d. Assets include costs that have not yet been matched with revenues
- When does a company record an asset related to a gain contingency? a. When future events will possibly occur and the amount can be reasonably estimated. b. When there is a remote chance that future events will occur and the amount can be reasonably estimated. c. When future events are probable to occur and the amount can be reasonably estimated. d. Gain contingencies are not recorded.Which of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.Which of the following does describe intangible assets? a. They are not lack physical existence. b. They are financial instruments. c. They provide short-term benefits. d. They are classified as long-term assets.
