Identify the choice the best complete.1 the statement or answer the question A f
ID: 2475079 • Letter: I
Question
Identify the choice the best complete.1 the statement or answer the question A fully depreciated asset with no salvage value is disposed. What is the result of this transaction? Cannot be determined Results in a gain Results in a loss No gain or loss A fixed asset's estimated value at the time it is to be retired from service is called market value residual or salvage value carrying value d net book value What is the type of account and normal balance of Allowance for Doubtful Accounts? Contra asset, debit Asset, debit Liability, credit Contra asset, credit When a firm uses internal auditors, it is adhering to which one of the following internal control elements? monitoring separating responsibilities for related operations risk assessment proofs and security measures the objectives of internal control are to prevent fraud, and promote the social interest of the company provide reasonable assurance that operations are managed to achieve goab. financial reports are accurate, and laws and regulations are complied with provide control over 'internal-use only' reports and employee internal conduct control the internal organization of the accounting department personnel and equipment When revising estimates for depreciation, which is the following is NOT true? estimated useful life of an asset may change doc to obsolescence Adjust depreciation in the year the revision is discovered necessary Restate prior years' financial statements for the change in estimate Estimated salvage value of an asset may change due to normal wear and tear Under the allowance method, writing off an uncollectible account affects only income statement accounts is not acceptable practice. affects both balance sheet and income statement accounts, affects only balance sheet accountsExplanation / Answer
1)no gain or no loss
2)residual or salvage value
3)liability credit
4)risk assesment
5)provide control over internal use only reports and internal conducts only
6)restate prior year financial statements for the change in estimates
7)affects both balance sheet and income statements