Which of the following costs should not be recorded as an expense? Multiple Choice Sales commissions...

Which of the following costs should not be recorded as an expense?

Multiple Choice

Sales commissions
Insurance on factory building
Product shipping costs
Product advertising

Expert Solution

INSURANCE ON FACTORY BUILDING (SINCE IT IS CONSIDERED AS INSURANCE ON FACTORY BUILDING IS A PRODUCT COST)

ekkarill92 answered 2 years ago

Q1. Which of the following expenditures should be recorded as an asset? Multiple Choice Interest costs...

Q1. Which of the following expenditures should be recorded as an asset? Multiple Choice Interest costs during the construction period of a new building. Repair of a machine. Property taxes incurred on an existing building. Depreciation during the first year of an existing building. 2. A company purchased land and building from a seller for $900,000. A separate appraisal reveals the fair value of the land to be $200,000 and the fair value of the building to be $800,000. For...

Which of the following are not examples of operating costs for an IT investment? Multiple Choice...

Which of the following are not examples of operating costs for an IT investment? Multiple Choice Costs of routine hardware replacements over time Cost of contract for help desk support Costs of disposal of electronics at end of life Costs of software license renewals All of the choices are examples of operating costs.

Which of the following is not true regarding a credit card expense? Multiple Choice Credit card...

Which of the following is not true regarding a credit card expense? Multiple Choice Credit card expense may be classified as a "discount" deducted from sales to get net sales. Credit card expense is not recorded by the seller. Credit card expense may be classified as an administrative expense. Credit card expense may be classified as a selling expense. Credit card expense is a fee the seller pays for services provided by the card company.

Which of the following costs is not relevant in a make or buy decision? Multiple Choice...

Which of the following costs is not relevant in a make or buy decision? Multiple Choice Direct Materials Varible manufacturing overhead Avoidable fixed costs Unavoidable fixed costs

Which of the following statements is TRUE about product costs? Multiple Choice A. Product costs are...

Which of the following statements is TRUE about product costs? Multiple Choice A. Product costs are reported only on the balance sheet. B. Product costs are reported only on the income statement. C. Product costs are reported on the balance sheet before goods are sold, and on the income statement after goods are sold. D. Product costs are reported on the income statement before goods are sold, and on the balance sheet after goods are sold.

15) Which of the following statements is correct regarding depreciation? A. Depreciation expense should be recorded...

15) Which of the following statements is correct regarding depreciation? A. Depreciation expense should be recorded in the appropriate governmental funds and recorded in the governmental activities accounts. B. Depreciation expense must be recorded in the governmental fund, but no depreciation expense is recorded in the governmental activities accounts. C. No depreciation can be recorded in any governmental fund, but depreciation expense must be recorded in the governmental activities accounts. D. No depreciation can be recorded in any governmental fund,...

Which of the following sentences contains surplus words? Multiple Choice • It should be understood that...

Which of the following sentences contains surplus words? Multiple Choice • It should be understood that attendance is expected at the staff meeting every Friday. • After reviewing the request, I decided to approve it. • The company had to lay off 20 percent of its staff. • Employees have the right to voice their opinion. • The committee reviewed the grant proposals.

Which of the following statements is not correct? Multiple Choice The audit trial should be used...

Which of the following statements is not correct? Multiple Choice The audit trial should be used to trace data through the accounting records to find and correct errors. If the post closing trial balance does not balance, there are errors in the accounting records. The balance of the owner's capital account on the adjusted trial balance will ordinarily be different than that reported on the post closing trial balance. The balance of the owner's capital account, as reflected on the...

25. Which of the following statements is correct? Multiple Choice Export sales are not important to...

25. Which of the following statements is correct? Multiple Choice Export sales are not important to U.S. industries because U.S. GDP is so large. The United States is increasingly dependent on exports, but not on imports. The United States would not be affected if it quit importing goods. Many U.S. industries are very dependent on export sales. 30. Terms of trade refers to Multiple Choice credit arrangements for financing exports and imports. the rate at which goods are exchanged in...

Question 5 Which of the following will result in the largest expense recorded for the year?...

Question 5 Which of the following will result in the largest expense recorded for the year? Select one: A. $4,000 is paid in January for an asset with a useful life of five years. B. $1,800 is paid in January for a two-year fire insurance policy. C. $1,000 cash dividends are declared and paid. D. $850 is paid to an attorney for legal services rendered during the current year. Question 6 An asset purchased on January 1, 2015 for $60,000...

Question