Correct Question: Under current accounting practice, intangible assets are classified as
a. amortizable or unamortizable.
b. limited-life or indefinite-life.
c. specifically identifiable or goodwill-type.
d. legally restricted or goodwill-type.
Answer:
B, limited-life or indefinite-life
Explanation:
By defiinition, Intangible assests are assests that cannot be physically felt. it can also be said to be assets that are non physical in nature. This kind of assets include goodwill, image rights,brand recognition, copyrights, etc.
All of the above examples of assets are deemed intangible because they have no exact expiry or end date. It can either last for a long time or a short time. Assets like reputation are classified as intangible because it cant be felt and it doesnt have an exact end date. It is therefore a kind of asset that has limited-life or indefinite-life.
Cheers.
Answer:
E: a debt of $10.7 trillion and a deficit of zero.
Explanation:
Deficits are usually financed by debt. Here the government has incurred an extra debt of $700 billion. The previous debt of $10 trillion may have been due to any reason and not necessarily deficit. However, the passage does not state if the extra debt is due to deficit or not. So it is safe to select option E.
Hence, the government has incurred a total debt of $10.7 trillion and a deficit of zero.
Answer:
$2,600 in the Accounts Receivable Dr./Sales Cr. column and $1,700 in the Cost of Goods Sold Dr./Inventory Cr. column.
Explanation:
If we assume that Maxie's Game World uses a perpetual inventory system, the appropriate journal entries should be:
Date XXX, merchandise sold on credit to client YYY, terms 1/10, n/30
Dr Accounts receivable 2,600
Cr Sales revenue 2,600
Dr Cost of goods sold 1,700
Cr Merchandise inventory 1,700
Answer:
d.All of the above.
Explanation:
Free cash flow is the amount of cash that is available for management to use in
any way they want (at their discretion), after all essential payments have been made.
Essential payment may include taxation payment and other operational expenditure.
Keeping in view the above discussion, it can be assumed that the free cash flow can be used to pay additional dividends, acquire more property, plant and equipment and pay off debts.
Therefore the answer is d.All of the above.
Answer:
B. inspire a large number of people to help achieve organizational purposes.
Explanation:
Business strategy sets the overall direction for the business; it focuses on defining how a business would achieve its goals, objectives, and mission; as well as the funds and material resources required to implement or execute the business plan.
The recommended approach for strategy formulation by a leader is for him or her to inspire a large number of people to help achieve organizational purposes.
