ACCT 551 help A Guide to career/uophelp.com ACCT 551 help A Guide to career/uophelp.com | Page 2

Question 1. (TCO C) Which characteristic is not possessed by intangible
assets?
Physical existence
Short-lived
Result in future benefits
Expensed over current and/or future years
Question 2. (TCO C) Which intangible assets are amortized?
Limited Life
Indefinite Life
Question 3. (TCO C) Which of the following is often reported as an
extraordinary item?
Amortization expense
Impairment losses for intangible assets other than goodwill
Impairment losses on goodwill
None of the above
Question 4. (TCO D) Which of the following is a current liability?
A long-term debt maturing currently, which is to be paid with cash
in a sinking fund
A long-term debt maturing currently, which is to be retired with
proceeds from a new debt issue
A long-term debt maturing currently, which is to be converted into
common stock
A long-term debt maturing currently, which is to be paid with
current assets
Question 5. (TCO D) Jeff Beck is a farmer who owns land that borders
on the right-of-way of the Northern Railroad. On August 10, 2010, due
to the admitted negligence of the railroad, hay on the farm was set on