30 Dec issuing stock.
Question 1
3 / 3 pts
(TCO 6) Which of the following is a natural resource?
Patents
Timber
Gas reserves
both B and C
Question 2
3 / 3 pts
(TCO 6) Depreciation expense
allocates a portion of the cost of an asset against the revenue the asset helps earn each period.
is not required for plant assets according to GAAP.
is reported on the balance sheet.
is required for land according to GAAP.
Question 3
3 / 3 pts
(TCO 6) The portion of the cost of natural resources that is consumed in a particular period is called
depreciation expense.
amortization expense.
depletion expense.
resource expense.
Question 4
3 / 3 pts
(TCO 6) When an investor owns between 20% and 50% of the outstanding stock of another company, the _____ method is used to account for stock investments.
market value
equity
consolidated
historical cost.
Question 5
3 / 3 pts
(TCO 6) Which of the following is not necessary to know in computing the future value of an annuity?
Amount of the initial payment
Interest rate
Length of time between investment and payment
Year the payments begin
Question 6
3 / 3 pts
(TCO 6) All of the following are reported as current liabilities except
bonds payable.
sales tax payable.
accounts payable.
unearned revenues.
Question 7
3 / 3 pts
(TCO 6) Failure to record an accrued liability causes a company to
overstate income.
overstate assets.
understate liabilities.
understate owners’ equity.
Question 8
3 / 3 pts
(TCO 6) If bonds are issued at a discount, it means that the
market interest rate is higher than the stated interest rate.
market interest rate is lower than the stated interest rate.
financial strength of the issuer is weak.
bond is convertible.
Question 9
3 / 3 pts
(TCO 6) Bonds that mature at a single specified future date are called
term bonds.
coupon bonds.
serial bonds.
debentures.
Question 10
3 / 3 pts
(TCO 6) The financing option that creates no liabilities or interest expense is financing by
issuing notes payable.
debt.
issuing stock.
issuing bonds payable
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