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5. Which of is a true statement as it relates to impairments of plant assets? a. The assets are recorded at the book value of the asset b. The impairment amount is capitalized and depreciated along with the cost of the c The impairment amount is added to the plant asset account in the year the decline d. They are written down to the new fair value turing the year in which the dedine original asset of value occurs occurs 6 Which of the following ratios indicates how efficiently a company uses it assets to generate sales? a. Profit margin b. Asset turnover c. Returm on assets 7For which of the following pairs of costs will a company record no amortization expense? a. b. Copyrights and licenses c. Franchises and patents d. Goodwill and trade names Research and development costs and goodwill Big Town Retailers operates in Florida and collects sales taxes from customers on all purchases. How should these sales taxes be reported when collected? a. As an expense on the income statement b. As sales revenue along with the selling price of the items sold -8. c. As unearned revenues d. As a current liability until paid to the State of Florida 9. Which of the following amounts are deducted from employees paychecks? a. FICA Taxes Payable and State Unemployment Taxes Payable b. Federal Unemployment Taxes Payable and State Unemployment Taxes Payable c. d. Federal Unemployment Taxes Payable and FICA Taxes Payable Federal Income Taxes Payable and FICA Taxes Payable 10. To what is the current market value of bonds equal when determining their issue price? a. The present value of the bonds future cash flows b. The sum of the future interest payments, plus the principal payment when the bonds mature c. The difference between the face value of the bonds and the contractual interest rate d. The cash that will be paid to the investor when the bonds mature Failure to record a liability will probably a. understate net income b. result in overstated total liabilities and owners equity. c. understate the debt total assets ratio. 11. d. make a company appear to be less solvent

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