acc_291_final_exam_answers

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Acc 291 Final Exam AnswersACC291 - Principles of Accounting IIFinal Exam 1. Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to asD. Revenue Expenditures2. Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period?B. $12,0003. Intangible assetsB. Should be reported as a separate classification on the Balance Sheet4. Intangible assets are the rights and privileges that result from ownership of long-lived assets thatC. Do not have Physical substance5. The book value of an asset is equal to theD. Asset's cost less accumulated depreciation6. Gains on an exchange of plant assets that has commercial substance areD. Recognized immediately7. Hahn Company uses the percentage of sales method for recording bad debts expense. For the year, cash sales are $300,000 and credit sales are $1,200,000. Management estimates that 1% is the sales percentage to use. What adjusting entry will Hahn Company make to record the bad debts expense?B. Bad Debts Expense????..$12,000Allowances for Doubtful Account???..$12,0008. Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to asA. Capital Expenditures9. When an interest-bearing note matures, the balance in the Notes Payable ac

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