Which of the following is an example of intangible property:
a. computers b. furniture
c. copyrights d. land
e. all of the other specific choices are correct
c
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Which of the following adjustments would NOT be made to net income when computing cash from operating activities?
a. add an increase in Accounts Payable b. add depreciation expense c. add an increase in Accounts Receivable d. subtract the gain on sale of land
If the total cash inflows associated with a project exceed the total cash outflows associated with the project, the project's
a. net present value is greater than zero. b. internal rate of return is greater than zero. c. profitability index is greater than 1. d. payback period is acceptable.
A company estimates that warranty expense will be 4% of sales. The company's sales for the current period are $185,000. The current period's entry to record the warranty expense is:
A. Debit Estimated Warranty Liability $7,400; credit Warranty Expense $7,400. B. Debit Warranty Expense $7,400; credit Estimated Warranty Liability $7,400. C. Debit Estimated Warranty Liability $7,400; credit Cash $7,400. D. Debit Warranty Expense $7,400; credit Sales $7,400. E. No entry is recorded until the items are returned for warranty repairs.
Answer the following statements true (T) or false (F)
The income tax law of 1913 established accounting income as a basis for taxation.