According to accounting standards, the costs of intangible assets with an indefinite life, such as goodwill, should:
A) not be amortized, but should be reviewed annually for impairment.
B) be reported on the statement of retained earnings in the year in which it is acquired.
C) be amortized over a reasonable period of time not to exceed 40 years.
D) be debited to an expense account entirely in the year in which acquired.
A
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Value-added incentives are designed to:
A) attract attention B) provide shipment information C) change purchasing habits over the long term D) change short-term buying decisions
Which inventory cost flow method assigns the cost of the most recent items purchased to cost of goods sold?
A) Specific identification B) Weighted average C) FIFO D) LIFO
The purpose of the materials management concept is:
I. to manage materials in a production operation. II. to have purchasing support the needs of production. III. to have production support the needs of purchasing. A) I and II only B) I and III only C) II and III only D) I, II and III
The description of an activity in a network diagram usually starts with a ____
a. verb b. noun c. name of the individual responsible d. length of the estimated duration