Contingent liabilities are not recorded for unfiled lawsuits.

Which of the following is true of depreciation accounting?

The cost of acquiring a customer list from another company is recorded as an intangible asset. 

Which of the following is reported as an operating expense?

Goodwill is recognized as an asset when it is purchased in an arm’s length transaction. 

Depreciation is a means of cost allocation, not a matter of valuation.

Each of the following is a physical factor affecting depreciation except

10.  Which of these is a private interest group?   A.  The American Association of Retired Persons B.  AFL-CIO (a labor union) C. Students Against Drunk Driving (SADD) D. The National Council of La Raza

1. Which of these is NOT true?A. The term “oligarchy” may describe a perverted, self-seeking aristocracy B.  A totalitarian regime promotes broad freedom of speech and thought C. The term “tyranny” may describe a perverted, self-seeking monarchy D. The United States is an indirect democracy

9.  Which of these is true?   A. The typical goal of interest groups is to become the government of the day B.  The first amendment forbids the creation of special  interests C.  Civil disobedience is indirect lobby, a tactic sometimes used by interest groups to press their goal D.  Resort to litigation by interest groups is an example of direct lobbying