MULTIPLE CHOICE: Choose the best answer and place Il Ull Property, plant and Equipment are normally presented in the balance sheet at: a. current market value; b. replacement cost; c. book value; d. estimated fair market value. The book value of a plant asset: a. is the cost of the asset less accumulated depreciation; b. is an indicator of the market value of the asset; c. is the cost of the asset less residual value; d. is always more than market value. Which of the following assets would NOT be depreciated? a. a factory building: b. vehicles used to make customer deliveries; c. land that was purchased for a future building site; d. equipment used in production. Which of the following accounts would NOT be included in the Property, Plant & Equipment section of the balance sheet? a. land; b. accumulated depreciation; c. buildings: d. allowance for doubtful accounts. Which of the following accounts is considered a contra asset account? a. allowance for doubtful accounts: b. accounts receivable, c. notes payable; d. buildings. Internal controls are intended to: a control the internal organization of the accounting department personnel and equipment: b. safeguard assets, ensure the accuracy and reliability of accounting information, and ensure employee compliance with laws and regulations, C prevent fraud, and promote the social interest of the company: d. provide control over "internal use only reports and employee internal conduct. The receivable evidenced by a formal document sometimes called a promissory note, which calls for the repayment of principal at a certain date (maturity date) plus interest is known as a: a. prepayment receivable, b. note receivable, c. accounts receivable; d. income tax refund receivable. Page 2 of 6