Reference no: EM133011520
Questions -
Q1- Sultan Company purchased a piece of equipment on January 1, 2012. The equipment cost $60,000 and has an estimated life of 8 years and a salvage value of $8,000. What was the depreciation expense for the asset for 2013 under the double-declining-balance method?
A- $6,500
B- $11,250
C- $15,000
D- $6,562
Q2- You have a controlling interest in any company if:
A- you own more than 20% of a company's stock.
B- you own more than 50% of a company's stock
C- you use the equity method
D- you are the president of the company
Q3- A partnership agreement should include each of the following except
A- provision for withdrawal of assets
B- rights and duties of partners as well as basis for sharing net income or loss.
C- basis for splitting partnership income taxes
D- names and capital contributions of partners.
Q4- Which of the following is not a depreciable asset?
A- Equipment
C- Patent
C- Building
D- Machinery
Q5- The equity method of accounting for an investment is used when a company purchases:
A- More than 20% of the debt securities of another company.
B- 100% of the debt securities of another company.
C- Between 20% and 50% of the equity securities of another company
D- 15% of the equity securities of another company.
Q6- When a company sells goods or provides services for a customer but the customer intends to pay later, the company must record a current liability:
A- True
B- False
Q7- Al-Azhar Company has total proceeds from sales of $4,515. If the proceeds include sales taxes of 5%, the amount to be credited to Sales Revenue is
A- $4,000
B- $4,289.25.
C- $ 4300
D- No correct answer given
Q8- Employee payroll taxes do not include:
A- Federal unemployment taxes
B- State Income taxes.
C- Federal income taxes.
D- FICA taxes
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