Question Details

Natural resources are generally shown on the statement of financial position 


1.	All of the following intangible assets are amortized except

	2.	Which of the following is not an intangible asset arising from a government grant?
	
3.	Allocating the cost of an intangible asset is referred to as

	4.	A patent
	
	5.	Copyrights are granted by the government

6.	Goodwill

	7.	In recording the acquisition cost of an entire business,

8.	Research and development costs

9.	A computer company has ¥2,000,000 in research costs. Before accounting for these costs, the net income of the company is ¥1,600,000. What is the amount of net income or loss after these research costs are accounted for?

10.	Henson Company incurred $450,000 of research costs in its laboratory to develop a new product. It spent $60,000 in legal fees for a patent granted on January 2, 2011. On July 31, 2011, Henson paid $45,000 for legal fees in a successful defense of the patent. What is the total amount that should be debited to Patents through July 31, 2011?

11.	Given the following account balances at year end, compute the total intangible assets on the balance sheet of Kepler Enterprises.
Cash	€1,500,000
Accounts Receivable 	4,000,000
Trademarks 	1,000,000
Goodwill	4,500,000
Research Costs	2,000,000

	12.	Rooney Company incurred $280,000 of research costs in its laboratory to develop a patent granted on January 1, 2011. On July 31, 2011, Rooney paid $42,000 for legal fees in a successful defense of the patent. The total amount debited to Patents through July 31, 2011, should be:

13.	Mehring Company reported net sales of $270,000, net income of $54,000, beginning total assets of $240,000, and ending total assets of $360,000. What was the company's asset turnover ratio?

14.	During 2011, Rathke Corporation reported net sales of $2,500,000, net income of $1,200,000, and depreciation expense of $100,000. Rathke also reported beginning total assets of $1,000,000, ending total assets of $1,500,000, plant assets of $800,000, and accumulated depreciation of $500,000. Rathke- asset turnover ratio is

15.	During 2011, Stein Corporation reported net sales of $4,000,000 and net income of $1,800,000. Stein also reported beginning total assets of $1,000,000 and ending total assets of $1,500,000. Stein- asset turnover ratio is

	16.	Natural resources are generally shown on the statement of financial position under

	17.	Intangible assets

18.	A company has the following assets:
Buildings and Equipment, less accumulated depreciation of ¥2,000,000	¥9,600,000
Copyrights	960,000
Patents	4,000,000
Timberlands, less accumulated depletion of ¥2,800,000	4,800,000
The total amount reported under Property, Plant, and Equipment would be

19.	Which of the following is not disclosed in the statement of financial position or the notes to the financial statements?

20.	The asset turnover ratio




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