Ben Incorporated Miller Co

question 1

Multiple Choice

Ben incorporated Miller Co. in 20x7, which then purchased a small business. The incorporation costs were $3,500, and the goodwill acquired from the small business
Equaled $50,000. What is the ending Class 14.1 UCC balance in 20x8 (assuming there are no other intangible assets in the company) ? (Rounded to 0 decimal places)

• A)$46,776
• B)$50,825
• C)$49,554
• D)$47,975

Recognize the role and types of source documents in accounting systems.

Understand the classification and purpose of input and output devices within accounting information systems.

Explain the concept and utility of subsidiary ledgers and controlling accounts.

Differentiate between the general ledger and special journals.

---

Definitions:

Full Disclosure Principle

An accounting guideline requiring companies to disclose all relevant financial information in their financial statements.