Which of the following items does not affect the calculation of depreciation expense?
A. Useful life of the asset.
B. Economic benefits generated by the asset.
C. Residual value of the asset.
D. Capitalized cost of the asset.
Answer: B
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________ for a product or service results from the demand for another product or service
A) Cause-and-effect demand B) Derived demand C) Fixed demand D) Fluctuating demand E) Elastic demand
The U.S. GAAP requires firms using LIFO to disclose in notes to the financial statements
a. the amounts by which inventories based on FIFO or current cost exceed their amounts as reported on a LIFO basis. b. the amounts by which inventories based on LIFO exceed their amounts as reported on a FIFO or current cost basis. c. the amounts by which inventories based on LIFO exceed their amounts as reported on a specific identification or current cost basis. d. the amounts by which inventories based on specific identification or current cost exceed their amounts as reported on a LIFO basis. e. none of the above
A stream of equal cash payments made at equal time intervals is called a(n) ________
A) present value B) annuity C) compound interest D) future value
Identify the account used by businesses to record the transfer of assets from a business to its stockholders:
A. The dividends account. B. A revenue account. C. A liability account. D. The common stock account. E. An expense account.