Intermediate Accounting2

Grading Summary| These ar the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, argon in the Details section below. | Date Taken: | 1/11/2012| Time Spent:| 14 secs | Points Received:| 20 / 20 (100%) | | Question Type:| # Of Questions:| # Correct:| Multiple picking| 5| 5| | | Grade Details| 1.| Question :| (TCO C) The impart amount of patent cost amortized to date is usually| | | school-age babe Answer:| | shown in a separate Accumulated perspicuous Amortization account which is shown contra to the Patent account. | | | | shown in the current income statement. | | | | reflected as credits in the Patent account. | | | | reflected as a contra property, plant, and equipment item. | | instructor account statement:| Usually shown as credits within the incontestible patent account. Chapter 12.| | | | Points Received:| 4 of 4 | | Comments:| | | | 2.| Question : | (TCO C) Which of the frolic is often reported as an extraordinary item?| | | school-age tiddler Answer:| | Amortization put down. | | | | Impairment losses for intangible plus assets. | | | | look into and festering costs. | | | | no(prenominal) of the above.

| | Instructor Explanation:| None of the items transfigure as extraordinary items, which are rare. Amortization, impairment losses, and look for and development are normal transactions in an direct business. Chapter 12| | | | Points Received:| 4 of 4 | | Comments:| | | | 3.| Question :| (TCO C) Jeff lot purchased a limited-life intangible ass et for $120,000 on May 1, 2008. It has a re! cyclable life of 10 years. What total amount of amortization expense should have been recorded on the intangible asset by December 31, 2010?| | | Student Answer:| | $ -0- | | | | $24,000 | | | | $32,000 | | | | $36,000 | | Instructor Explanation:| ($120,000 ÷ 10) × 2 2/3 =...If you want to get a broad(a) essay, order it on our website: BestEssayCheap.com

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