Credit card account. D) Inventory held for sale to customers. The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_____? prepaid expense ___is the increase in assets from selling products and services. If you need assistance with writing […] Hi, I can see that software is considered a business asset - but here is where I get confused. 1 5 , 0 0 , 0 0 0 from H Ltd., by issue of shares of R s . 33. 1. C) Rosie bought a personal auto earlier this year. a. Lesson 10 Internet Safety Quick Check 1. The balance sheet of a firm records the monetary value of the assets owned by that firm. IAS 36 seeks to ensure that an entity's assets are not carried at more than their recoverable amount (i.e. A) Cash in the company checking account. Identifiable assets acquired, liabilities assumed, and non-controlling interests in the acquiree, are recognised separately from goodwill [IFRS 3.10] Measurement principle. This component in an input device. Which of the following accounts would be considered a prepaid expense or prepaid asset account? Besides your savings and checking accounts, certificates of deposit (CDs) are also considered liquid or cash. Simply stated, assets represent value of ownership that can be converted into cash (although cash itself is also considered an asset). D. Student loan. 5 years ago. Dividends C. Accounts receivable D. Inventory. (TCO A) A real asset is: (Points : 5) Money market fund Inventory T-Bills Municipal bonds 3. 1 Answer to 1. Land (location of the corporation`s office building) $100,000 Land (held for future use) 150,000 Corporate Office Building 600,000 Inventory 200,000 operating. Join now. e. Short-term, highly-liquid, marketable securities. i. Accounts payable aren't an asset--it's money that you owe to someone else. It helps bring information to the computer by permitting the user to use keys to enter data and navigate the system. physical objects accounts payable cash in the bank pre-paid expenses allof these? a. A liquid asset is either cash or an asset that can be converted to cash quickly and without affecting its value. Which of the following is not an asset: a. Accounts Payable b. Amy Co. acquired $500 worth of supplies on credit. Which of the following accounts would be considered a prepaid expense or prepaid asset account? asked Sep 5, 2020 in Business by Bridget. 1. Inventory. - 14941322 1. A development process B. An IT infrastructure C. A proprietary system resource D. Users personal files 10. In determining a person's net worth, which of the following is considered an asset? A. which of the following is considered an asset until consumed. Internet Safety. A. Middle School. 1. A) Ken owns a personal residence. An alternative expression of this concept is short-term vs. long-term assets. (TCO A) Of the following assets which is not considered a financial asset: (Points : 5) Corporate bonds Common stock Options Vacation home 2. B. If assets are classified based on their convertibility into cash, assets are classified as either current assets or fixed assets. Liquid asset gives the company easy access to money anytime during an emergency. Furnishing and Equipment c. Supplies d. Cash 2. Which of the following would be considered an asset? Ask your question. Consequently, all the following factors are considered in determining the useful life of an asset – (a) expected usage of the asset. These are selected account balances on December 31, 2010. C) Currency and coins. 34. An asset can often generate cash flows in the future, such as a piece of machinery, a financial security, or a patent. D) Darren bought a computer to use in his business. Current assets are assets that can be easily converted into cash and cash equivalents (typically within a year). Any asset which is easy to sell or convert into cash without any loss in its value is termed to be a liquid asset. A] Sales B] Accounts Receivable C Common Stock DI Accounts Payable [6 The first financial statement that is prepared is the: [A] Statement of Cash Flows. It covers money and other valuables belonging to an individual or to a business. Current Assets. B) Drake owns U.S. government securities that he is holding as an investment. Decrease . 2 Answers. Join now. Group of answer choices 1.A personal residence 2.Cryptocurrency 3.Apple stock held for investment 4.A computer used in … If the distribution of returns for an asset has a variance of zero, then covariance of returns between that asset and the returns any other asset must equal zero. Printer*** Scanner Keyboard Memory Which component is being described below? Answer Save. True or False . Which of the following factors are primarily considered to determine the economic life of an asset? Which of the following journal entries would be recorded? DON W. Lv 7. Cash on hand is also considered an asset. We have step-by-step solutions for your textbooks written by Bartleby experts! View Answer A Ltd. acquired assets worth R s . 1. Things which are assets have value for the owner because they can be converted into cash. Answer: _____ 2. Which of the following is not considered an asset? B) Cash in the company savings account. Business. Checking account. Which of the following assets is not generally considered a capital asset? Any secondary residences, such as vacation homes, are also considered assets, so note the net worth of any additional property over and above the primary residence. A. Log in. Click here👆to get an answer to your question ️ Which of the following is considered while calculating purchase consideration under Net asset method? So, my software doesn't depreciate if I continue with the subscription. A)A personal residence B)A computer used in a trade or business C)Chrysler Corporation stock held for investment D)U.S.Government securities held for investment cash collected from sales during the normal course of business would be an example of which type of business activity. Be it any exam, we have all that you need to know to crack it. Relevance. 1. a. (TCO A) Of the following assets which is not considered a financial asset: (Points : 5) Corporate bonds Common stock Options Vacation home 2. Accounts receivable. Which of the following assets is NOT generally considered a capital asset? Which of the following is not true with regard to fixed assets? A recognized intangible asset is amortized over its useful life Hansen, Inc., purchased a patent at the beginning of Year 1 for $22,100 that was to be amortized over 17 years. Liquid assets are usually seen as the same as cash, as their value remains largely the same when sold. Which of the following is not considered to be an intangible asset? 9. B Statement of Retained Earnings [C] Balance Sheet. Leave Out Certain FAFSA Assets. c. Bonds. Probate assets are anything owned by a deceased person that has no way of passing to a living beneficiary without a court-supervised probate process.Life insurance proceeds, bank accounts with payable-on-death designations, some retirement accounts, and some forms of real estate ownership pass directly to named beneficiaries by operation of law, so probate isn't required. d. Cash. Usage is assessed by reference to the asset… 15 Which of the following is considered an asset? asked Sep 5, 2020 in Business by Bridget. Increase one asset and decrease another asset. Which of the following statements is true with regard to written down value method of depreciation? A number of other FAFSA assets should not be listed. (TCO A) A real asset is: (Points : … Equipment B. In other words, liquid assets include cash and short-term investments that can be easily converted to cash. b. C. Car loan. Which of the following is not considered a highly liquid asset? Which of the following items is NOT normally considered to be a current asset? 5 points aduaa7474 Asked 02.27.2020. Assets are persons or things that can produce value. Textbook solution for Principles of Accounting Volume 1 19th Edition OpenStax Chapter 11 Problem 2MC. Which of the following is not considered an asset? Examsbook.com is an ultimate one-stop haven of knowledge. IFRS 3 establishes the following principles in relation to the recognition and measurement of items arising in a business combination: Recognition principle. An asset is something containing economic value and/or future benefit. which of the following is considered an output device? Which of the following assets is not generally considered a capital asset? 1 0 0 at premium of 2 5 %. Statistics, Finance. The subscription is about $1600 or $1700 per year and it keeps the software I bought up to date. People can be assets because of the value they bring to a relationship or organization. Which of the following would not be considered an asset in a risk analysis? revenue. Log in. 13) Which of the following items is NOT normally considered to be a current asset? In 2015 I spent $7500 for engineering software - and it comes with a subscription. E) A customer's check dated today which will be deposited in … the higher of fair value less costs of disposal and value in use). Need assignment help for this question? We provide you with handpicked material and question banks, time-proven exam strategies, exam analyses and simulated tests to give you a hands-on real-time test experience. By definition, banknotes and checking accounts are the most liquid assets. 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