Accounting 5110 exam bundle with solutions available

What does the "Time Value of Money" Indicate? - ANSA dollar received today is worth more than a dollar promised at some time in the future. What is the objective of using present value in an accounting measurement? - ANSTo capture, to the extent possible, the economic difference due to timing...

what are the major characteristics of property, plant, and equipment? - ANSthey are required for use in operations and not held for resale, long term in nature and usually depreciated, possess physical substance historical cost - ANSmeasures the cash or cash equivalent price of obtaining the as...

what are the main characteristics of an intangible asset - ANS1. lack physical existence, derive value from the rights and privileges granted to the company 2. non financial instruments internally created intangibles - ANS- Generally expensed - Only capitalize direct costs incurred in develop...

Billings on Construction in Progress - ANS- increases with credit - found on BS Prepaid Expenses - ANS- increases with debit - found on BS Allowance for Doubtful Accounts - ANS- increases with credit - found on BS Gain on Sale of Land - ANS- increases with credit - found on CIS D...

Included in Cash: - ANS-coins and currency -checking accounts -savings accounts - negotiable checks - bank drafts excluded from cash - ANS- sinking funds - certificates of deposit - bank overdrafts - postdated checks - travel advances - cryptocurrencies cash equivalents - ANSShor...