Question Details

Which of the following statements concerning financial statement 



1.	Which of the following statements concerning financial statement presentation is not a true statement?
		a.	Intangibles are reported separately under Intangible Assets.
		b.	The balances of major classes of assets may be disclosed in the footnotes.
		c.	The balances of the accumulated amortization of major classes of assets may be disclosed in the footnotes.
		d.	The balances of all individual assets, as they appear in the subsidiary capital asset ledger, should be disclosed in the footnotes.

	2.	Intangible assets
		a.	are not reported on the balance sheet because they are expensed.
		b.	are not reported on the balance sheet because they lack physical substance.
		c.	should be reported as Current Assets on the balance sheet.
		d.	should be reported as a separate classification on the balance sheet, or under the heading Capital Assets.

	3.	A company has the following assets:
		Buildings and Equipment, less accumulated amortization of $2,500,000	$12,000,000
		Copyrights, less accumulated amortization of $240,000	1,200,000
		Patents, less accumulated amortization of $1,000,000	5,000,000
		Timberlands, less accumulated amortization of $3,500,000	6,000,000
		The total amount reported under Capital Assets would be
		a.	$24,200,000.
		b.	$18,000,000.
		c.	$23,000,000.
		d.	$19,200,000.




Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help