The process of transferring the cost of an asset to an expense account is called all of the following except
a. depletion
b. allocation
c. amortization
d. depreciation
b
You might also like to view...
The Uniform Commercial Code (UCC) is fully adopted by all U.S. states except:
A) Virginia. B) North Dakota. C) Wisconsin. D) Louisiana. E) Montana.
Assets are the resources a company owns or controls that are expected to yield future benefits.
Answer the following statement true (T) or false (F)
Dracor Company is considering the purchase of equipment that would allow the company to add a new product to its line. The equipment is expected to cost $280,000 with a 7-year life, no salvage value, and will be depreciated using straight-line depreciation. The expected annual income related to this equipment follows. Compute the (a) payback period and (b) accounting rate of return for this equipment.Sales?$900,000?Costs:???Manufacturing$545,000??Depreciation on machine40,000??Selling and administrative expenses249,000(834,000)?Income before taxes?66,000?Income tax (30%)? ( 19,800)?Net income?$ 46,200?
What will be an ideal response?
Which of the following is a reason why many companies require a photo ID when employees pick up their paychecks?
A) to make sure an employee's work hours have been accurately reported B) to avoid writing a paycheck to a fictitious person C) to improve efficiency of the payroll disbursement process D) to make sure all employees are legal adults