Reference no: EM132917847
Problem 1: In order to declare an intangible asset in non-current assets, what would be the criteria?
Select one:
a. The economic benefit will be received more than 1 year.
b. The economic benefit will be received up to 1 year.
c. The economic benefit will be received in 3 months.
d. The economic benefit will be received in 9 months.
Problem 2: A firm withdraws 12.000 TL from its revolving line of credit to pay taxes payable. Which one will be the accounting record for this transaction?
Select one:
a. Accounts Payable 12.000 debit, Bank Loans 12.000 credit
b. Banks 12.000 debit, Bank Loans 12.000 credit
c. Notes Payable 12.000 debit, Bank Loans 12.000 credit
d. Taxes Payable 12.000 debit, Bank Loans 12.000 credit
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