Ask Question, Ask an Expert


Ask Accounting Basics Expert

1) Reader's Digest/Gallup Survey on drinking habits of Americans evaluated percentage of adults across country that drink beer, wine, or hard liquor, at least occasionally. Of 1516 adults interviewed, 985 said they drank. Find out the 95% confidence interval for population proportion p of all Americans who drink beer, wine, or hard liquor, at least occasionally and interpret your result.

a) (.626, .674)
b) (.65, .69)
c) (.618, .682)

2) Costs incurred internally to make intangibles are:

A. Capitalized.
B. Capitalized if they have an indefinite life.
C. Expensed as incurred.
D. Expensed only if they have a limited life.

3) Which of the given methods of amortization is generally used for intangible assets?

A. Sum-of-the-years'-digits
B. Straight-line
C. Units of production
D. Double-declining-balance

4) Cost of the intangible asset includes all of following except:

A. Purchase price.
B. Legal fees.
C. Other incidental expenses.
D. All of these are included.

5) Factors considered in finding an intangible asset's useful life include all of given except:

A. The expected use of the asset.
B. Any legal or contractual provisions that may limit the useful life.
C. Any provisions for renewal or extension of the asset's legal life
D. The amortization method used.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M917963

Have any Question? 

Related Questions in Accounting Basics

Fasb codification and careers in accountingplease respond

FASB Codification and Careers in Accounting"Please respond to the following: • Throughout this course you have utilized the FASB codification to research the authoritative guidelines for accounting transactions. Briefly ...

The retained earnings account balance for a large

The Retained Earnings account balance for a large corporation is $10,000,000. This amount represents a. cumulative profits over time that have not been distributed to shareholders b. cash in the bank c. current year prof ...

Review of current accounting issuestaskin your accounting

Review of Current Accounting Issues Task In your accounting career you will be required to analyse current accounting issues and communicate your theoretical understanding to your professional colleagues and your clients ...

Francis moved in with her mother beatrice when beatrices

Francis moved in with her mother, Beatrice, when Beatrice's health started to fail. Francis cared for her mother as a devoted child and never expected anything in return. When Beatrice needed to move to a nursing home, s ...

Imagine that you are a tax consultant and must determine

Imagine that you are a tax consultant and must determine the most appropriate business structure for a small business entity. Compare and contrast S-Corporations, C-Corporations, and Partnerships in terms of tax conseque ...

What characteristics must the convertible bonds display in

What characteristics must the convertible bonds display in order to justify the accounting treatment followed on initial recognition?

A taxpayer lives in michigan in a controversy with the irs

A taxpayer lives in Michigan. In a controversy with the IRS, the taxpayer loses at the trial court level. Describe the appeal procedure for each of the following trial courts: a. Small Cases Division of the U.S. Tax Cour ...

Accounting for managers- shareholders and lenders whilst

Accounting for Managers- Shareholders and lenders, whilst not being the only stakeholders, provide capital to companies because they seek a return commensurate with the level of risk that they are willing to take. You ar ...

Barriers to critical thinkinginstructions1 refer to kirby

Barriers to Critical Thinking Instructions: 1. Refer to Kirby and Goodpaster (2007), Thinking: An interdisciplinary approach to critical and creative thought, Ch. 2. 2. There are multiple categories of internal barriers ...

Accounting questionrecent news stories have clearly

Accounting Question: Recent news stories have clearly established that there are increasing instances of cyber-crime that are plaguing major corporations and financial institutions. These crimes have taken many forms, su ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate