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Unit 3 - Accounting
| Question | Answer |
|---|---|
| The exclusive right to reproduce and sell an artistic or published work is called a | copyright |
| The cost of a factory machine includes all of the following costs except | three-year insurance policy on the machine |
| An asset that cost $80,000 and has accumulated depreciation of $60,000 is sold for $12,000. The journal entry would include a | debit to Loss on Disposal of Plant Assets for $8,000 |
| A company decides to exchange old equipment with a book value of $81,000, plus $129,000 cash for new equipment. The fair market value of the old equipment is $90,000. The entry to record the new equipment would include a debit to | Equipment (new) for $219,000 |
| On January 1, a machine with a useful life of 5 years and a salvage value of $8,000 was purchased for $160,000. What is the depreciation expense in year 2 under the double declining-balance method? | $38,400 |
| The total cost of borrowing on a 10-year, 9%, $1,000 bond that sold for $960 is | $940 |
| When the effective-interest method is used, the interest expense for the period is calculated by multiplying the | C) carrying value of the bonds at the beginning of the period by the effective-interest rate. |
| If bonds payable are issued at a discount, the contractual interest rate is | lower than the market rate of interest. |
| The account Unearned Subscription Revenue | is a current liability. |
| A $2,000,000 bond issue with a carrying value of $2,080,000 is called at 103 and retired. Which of the following is true? | A gain of $20,000 is recorded. |
Created by:
jalensnowbarger
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