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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.

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

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