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Subject Topic: QUESTION OF THE DAY - MCQ’S ALL SECTIONS (Topic Closed Topic Closed) Post ReplyPost New Topic
  
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cpanet
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Posted: 07 Oct 2010 at 14:08 | IP Logged  

See you tonight Andrew!

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AndrewCPA
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Posted: 07 Oct 2010 at 18:22 | IP Logged  

Today's question: FAR

In December 31, 2007, Bit Co. had capitalized costs for a new computer software product with an economic life of five years. Sales for 2008 were 30 percent of expected total sales of the software. At December 31, 2008, the software had a net realizable value equal to 90 percent of the capitalized cost. What percentage of the original capitalized cost should be reported as the net amount on Bit's December 31, 2008, balance sheet?

A)   70%

B)   72%

C)   80%

D)  90%



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AndrewCPA
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Posted: 08 Oct 2010 at 10:53 | IP Logged  

Correct Answer: A

Explanation: Using a service life method, the capitalized costs would be amortized on the basis of percentage of total projected sales. Therefore, 30% of the costs would be amortized in 2008.



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AndrewCPA
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Posted: 08 Oct 2010 at 18:36 | IP Logged  

Today’s question: BEC

All of the following are examples of a decision support system (DSS) EXCEPT for a

A)   Financial modeling application.

B)   Transaction processing system.

C)   Database query application.

D)   Sensitivity analysis application.

 



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