AccountingBLOCK - Accounting Forums - View Single Post - Few multiple choice questions about fixed assets

ZaddY · 03-19-2008, 07:28 PM

1) Recognize a loss on the income statement under operating expenses
2) The assets book value is less than the cash received
3) Lack physical substance
4) Debit to amortization expense for $33,500 (not 100% sure)
5) All of these are correct

03-19-2008, 07:28 PM	#2 (permalink)
ZaddY Status: Owner/Administrator Join Date: Mar 2008 Location: Bay Area, CA Posts: 158	1) Recognize a loss on the income statement under operating expenses 2) The assets book value is less than the cash received 3) Lack physical substance 4) Debit to amortization expense for $33,500 (not 100% sure) 5) All of these are correct __________________ Zahid H. Lilani