Which of the following would probably be the most significant type of a claim held by a company?

Which of the following would probably be the most significant type of a claim held by a company?

notes receivable

accounts receivable

interest receivable

non-trade receivables

When using the direct write-off method year-end adjustments for bad debt expense must be made.

True

False

The cost of an intangible asset with an indefinite life should

be amortized over the life of the creator plus 70 years.

be amortized over 20 years.

not be amortized.

None of these answer choices are correct.

Intangible assets

should be reported as a separate classification on the balance sheet.

should be reported under the heading Property, Plant, and Equipment.

are not reported on the balance sheet because they lack physical substance.

should be reported as Current Assets on the balance sheet.