ACCT 305 WEEK 2 QUIZ NEW

ACCT 305 WEEK 2 QUIZ NEW

  • Submitted By: unquite
  • Date Submitted: 10/06/2016 10:55 PM
  • Category: Business
  • Words: 880
  • Page: 4

ACCT 305 WEEK 2 QUIZ NEW
To view more, visit following link
http://unquite.com/question-details/ACCT-305-WEEK-2-QUIZ-NEW/2974
or email us
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ACCT 305 WEEK 2 QUIZ NEW
1. Question : (TCO 2) An exclusive 20-year right to manufacture a product or use a process is
• Patent
• Copyright
• Trademark
• Franchise
2. 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

3. 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.

4. 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.



ACCT 305 WEEK 2 QUIZ NEW
To view more, visit following link
http://unquite.com/question-details/ACCT-305-WEEK-2-QUIZ-NEW/2974
or email us
query@unquite.com

ACCT 305 WEEK 2 QUIZ NEW
1. Question : (TCO 2) An exclusive 20-year right to manufacture a product or use a process is
• Patent
• Copyright
• Trademark
• Franchise
2. 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...

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