The accounting treatment of a contingent liablity is based on two requirements: Likelihood of occurence and whether or not the occurance is estimable.  If both requirements are answered “yes”, how should this contngency be treated on the financial statements?

What is the term for the intangible asset that is booked when a company is purchased for an amount that exceeds the value of the net assets of the company.  

In determining the depreciation expense for an asset, the total cost of the asset is divided by its ________ __________ and expensed each period by the product of that equation .  

Which of the following is NOT true regarding bad debts?

If I am using the FIFO inventory method and I have 2 lots of 10 items each in my inventory with the first lot of 10 costing me $10 each and the second lot of 10 costing me $12 each.   What is the total amount of my COGS when I sell someone 14 items.  

The answer to the credit side of the last question is an account which is shown in the Asset Section of the balance sheet but is classified as a ____________ account.  

An alternate depreciation method called “Units of Production” is based on  the estimated total number of units that the piece of equipment is expected to make in production over its useful life.   Therefore, the deprecation expense is determined by the total cost of the asset divided by the number of units it is expected to make.  

The accounting treatment of a contingent liability is based on two requirements: Likelihood of occurrence and whether or not the occurrence is estimable.  If the contingency is ‘Reasonably possible” how should it be treated on the financial statements?

According to empiricism, the true foundations of knowledge are found in _____.

According to the book, some writers prefer to call ontology what?