Intangible assets are rights , privileges , and competitive advantages that result from ownership of long-lived assets without physical substance . Question 5
A corporation is not an entity that is separate and distinct from its owners
Question 6
The market rate of interest is often called the Question 7
A current liability is a debt that can reasonably be expected to be paid Question 8
A budget can be used as a basis for evaluating performance . Question 9
Vertical analysis is a technique for evaluating a series of financial statement data over a period of time to determine the increase ( decrease ) that has taken place . Question 10
Bonds with a face value of $ 400,000 and a quoted price of 104ΒΌ have a selling price of Question 11
The current cash debt coverage ratio is considered a better representative of liquidity than the current ratio because it involves the entire year rather than a balance at one point in time . Question 12
On January 1 , 2014 , Ermler Company , a calendar-year company , issued $ 1,000,000 of notes payable , of which $ 250,000 is due on