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1. A company purchased land for $90,000 cash. Real estate brokers’ commission was $5,000 and $7,000 was spent for demolishing an old building on the land before construction of a new building could start. Under the cost principle, the cost of land would be recorded at

A. $102,000.
B. $95,000.
C. $97,000.
D. $90,000.

2. The four subdivisions for plant assets are

A. property, plant, equipment, and land.
B. furnishings and fixtures, land, buildings, and equipment.
C. intangibles, land, buildings, and equipment.
D. land, land improvements, buildings, and equipment.

3. Gagner Clinic purchases land for $130,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?

A. $132,200
B. $132,500
C. $130,000
D. $134,700

4. Hull Company acquires land for $86,000 cash. Additional costs are as follows:
Removal of shed $300
Filling and grading1,500
Salvage value of lumber of shed120
Broker commission1,130
Paving of parking lot 10,000
Closing costs560

Hull will record the acquisition cost of the land as

A. $89,610.
B. $86,000.
C. $87,690.
D. $89,370.

5. Engler Company purchases a new delivery truck for $45,000. The sales taxes are $3,000. The logo of the company is painted on the side of the truck for $1,200. The truck license is $120. The truck undergoes safety testing for $220. What does Engler record as the cost of the new truck?

A. $49,540
B. $49,420
C. $48,000
D. $47,420

6. Interest may be included in the acquisition cost of a plant asset

A. during the construction period of a self-constructed asset.
B. if the asset is purchased on credit.
C. if the asset acquisition is financed by a long-term note payable.
D. if it is a part of a lump-sum purchase.

7. The balance in the Accumulated Depreciation account represents the

A. amount charged to expense since the acquisition of the plant asset.
B. amount to be deducted from the cost of the plant asset to arrive at its fair market value.
C. amount charged to expense in the current period.
D. cash fund to be used to replace plant assets.

8. All of the following are intangible assets except

A. copyrights.
B. patents.
C. goodwill.
D. research and development costs.

9. A purchased patent has a legal life of 20 years. It should be

A. expensed in the year of acquisition.
B. not amortized.
C. amortized over 20 years regardless of its useful life.
D. amortized over its useful life if less than 20 years.

10. The asset turnover ratio is computed by dividing

A. net income by average total assets.
B. net income by ending total assets.
C. net sales by average total assets.
D. net sales by ending total assets.

11. The relationship between current liabilities and current assets is

A. useful in evaluating a company’s liquidity.
B. called the matching principle.
C. useful in determining the amount of a company’s long-term debt.
D. useful in determining income.

12. A current liability is a debt that can reasonably be expected to be paid

A. out of currently recognized revenues.
B. out of cash currently on hand.
C. within one year.
D. between 6 months and 18 months.

13. Liabilities are classified on the balance sheet as current or

A. long-term.
B. unearned.
C. deferred.
D. accrued.

14. From a liquidity standpoint, it is more desirable for a company to have current

A. assets equal current liabilities.
B. liabilities exceed long-term liabilities.
C. assets exceed current liabilities.
D. liabilities exceed current assets.

15. The entry to record the issuance of an interest-bearing note credits Notes Payable for the note’s

A. cash realizable value.
B. maturity value.
C. face value.
D. market value.

16. Admire County Bank agrees to lend Givens Brick Company $200,000 on January 1. Givens Brick Company signs a $200,000, 8%, 9-month note. The entry made by Givens Brick Company on January 1 to record the proceeds and issuance of the note is

A. Cash200,000 Notes Payable 200,000
B. Cash200,000 Interest Expense12,000 Notes Payable 200,000 Interest Payable 12,000
C. Interest Expense12,000 Cash188,000 Notes Payable 200,000
D. Cash200,000 Interest Expense12,000 Notes Payable 212,000

17. Admire County Bank agrees to lend Givens Brick Company $200,000 on January 1. Givens Brick Company signs a $200,000, 8%, 9-month note. What entry will Givens Brick Company make to pay off the note and interest at maturity assuming that interest has been accrued to September 30?

A. Notes Payable212,000 Cash 212,000
B. Notes Payable200,000 Interest Payable12,000 Cash 212,000
C. Interest Expense12,000 Notes Payable200,000 Cash 212,000
D. Interest Payable8,000 Notes Payable200,000 Interest Expense4,000 Cash 212,000

18. The interest charged on a $100,000 note paya

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