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Acc/291 - Final Exam Study Guide

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1. Ordinary repairs are expenses to keep a plant asset functioning properly:

Revenue expenditures

Explanation: Revenue expenditure is an ongoing cost to maintain the operational efficiency of an asset.

2. Percentage of receivables method:
Estimated uncollectible accounts = $15,000.
Allowance for Doubtful Accounts = $3,000
What is the amount of bad debts expense?


Explanation: This entry simply requires you to subtract 3,000 from the 15,000 in estimated uncollectable accounts.

3. What is true about intangible assets?

They should be reported with a separate classification on the balance sheet

Explanation: Intangible assets should be organized into its own distinct group on the balance sheet.

4. Intangible assets are the rights and privileges from assets with which characteristic?

They do not have physical substance

Explanation: Intangible assets are things like copyrights, patents, trademarks, trade secrets, and software code.

5. What is the book value of an asset?

The asset’s cost less its accumulated depreciation

Explanation: Book value is its value on paper, but does not accurately reflect the true market value.

6. Gains experienced on the…...

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