ACCT 551 Week 1 Quiz (Multiple Practice Versions)
ACCT 551 Week 1 Quiz → October 2017
- Question: (TCO C) Which of the following should not be reported in the income statement?
- Question: (TCO C) Which of the following is often reported as an extraordinary item?
- Question: (TCO C) Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaq’s books as follows: Patent AA, $5,000; Patent BB, $2,000; and Patent CC, $3,000. When Alonzo acquired the patents, their fair market values were: Patent AA, $20,000; Patent BB, $240,000; and Patent CC, $60,000. At what amount should Alonzo record Patent BB?
- Question: (TCO C) Day Company purchased a patent on January 1, 2010 for $360,000. The patent had a remaining useful life of 10 years at that date. In January of 2011, Day successfully defends the patent at a cost of $162,000, extending the life of the patent to 12/31/22. What amount of amortization expense would Kerr record in 2011?
- Question: (TCO C) Howard Company acquired a patent on a coal extraction technique on January 1, 2010 for $8,000,000. It was expected to have a 20-year life and no residual value. Howard uses the straight-line amortization for all patents……….. patent be carried on the December 31, 2011 balance sheet?
ACCT 551 Week 1 Quiz → Winter 2017
- Question : (TCO C) Which of the following should not be reported in the income statement?
- Question : (TCO C) When developing computer software to be sold, which of the following costs should be capitalized?
- Question : (TCO C) Jeff Corporation purchased a limited-life intangible asset for $120,000 on May 1, 2009. It has a useful life of 10 years. ……… amortization expense should have been recorded on the intangible asset by December 31, 2011?
- Question : (TCO C) On January 2, 2011, Klein Co. bought a trademark from Royce, Inc. for $1,000,000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamortized cost on Royce’s books was $800,000. In Klein’s 2011 income statement, ……… as amortization expense?
- Question : (TCO C) Howard Company acquired a patent on a coal extraction technique on January 1, 2010 for $8,000,000. …….. 20-year life and no residual value. Howard uses the straight-line amortization for all patents. On December 31, 2011, ………. the next 12 years……….. patent be carried on the December 31, 2011 balance sheet?
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ACCT 551 Week 1 Quiz → Summer 2016
- Question: (TCO C)The total amount of patent cost amortized to date is usually
- Question: (TCO C)When developing computer software to be sold, which of the following costs should be capitalized?
- Question: (TCO C) Jeff Corporation purchased a limited-life intangible asset for $120,000 on May 1, 2008. It has a useful life of 10 years. ………… recorded on the intangible asset by December 31, 2010?
- Question: (TCO C) On January 2, 2011, Klein Co. bought a trademark from Royce, Inc. for $1,000,000. An independent research company estimated that the remaining useful life of the trademark was 10 years. Its unamortized cost on Royce’s books was $800,000. In Klein’s 2011 income statement, …………. amortization expense?
- Question: (TCO C) The following information is available for Barkley Company’s patents: Barkley would record a loss on impairment of
