ACCT 305 WEEK 2 QUIZ
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1.
Question :
(TCO 2) An exclusive 20-year right to manufacture a product or use a process is
- Patent
- Copyright
- Trademark
- Franchise
- Question: (TCO 2) Lake Incorporated purchased all of
the outstanding stock of Huron Company paying $950,000 cash. Lake assumed
all of the liabilities of Huron. Book values and fair values of acquired
assets and liabilities were:
The journal entry to record this acquisition
would include a:
- Debit to Cash in the amount of $875,000
- Credit to Cash in the amount of $950,000
- Debit to Goodwill in the amount of $350,000
- Debit to liabilities in the amount of $175,000
- Question : (TCO 2) Software development costs are
capitalized if they are incurred:
- Prior to the point at which technological feasibility
has been established.
- After commercial production has begun.
- After technological feasibility has been established
but prior to the product availability date.
- None of the above is correct.
- Question : (TCO 2) Under U.S. GAAP, research
expenditures are:
- Expensed in the period incurred.
- Expensed in the period they are determined to be
unsuccessful.
- Capitalized if certain criteria are met.
- Expensed if unsuccessful, capitalized if successful.
- Question : (TCO 2) Goodwill has:
- A life of seventy years.
- An indefinite life.
- A life of twenty years.
- A life of forty years.
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