The Corporate Sweep Account Is an Account

question 18

Multiple Choice

The corporate sweep account is an account

• A) that allows companies to maintain zero balances in their checking accounts, with their excess cash moved into an interest-earning account.
• B) that allows companies to write checks on zero balance accounts with the understanding that when the check is presented for payment, money will be moved from the interest-bearing account to the appropriate payment account.
• C) that allows companies to move their lockbox collections into an interest-bearing checking account.
• D) that allows companies to maintain zero balances in their checking accounts, with their excess cash moved into an interest-earning account and lets companies write checks on zero balance accounts with the understanding that when the check is presented for payment, money will be moved from the interest-bearing account to the appropriate payment account.

Account for the sale or disposal of depreciable assets and calculate gain or loss on disposition.

Understand the principles of asset impairment and how to record it.

Prepare journal entries for transactions involving intangible assets including purchase, amortization, and impairment.

Analyze and record goodwill in business acquisition transactions.

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Definitions:

External Oblique

A muscle located on the lateral part of the abdomen, part of the abdominal wall muscles, that aids in rotation and lateral flexion of the torso.

Internal Oblique

A muscle in the abdominal wall that lies below the external oblique and just above the transverse abdominal muscles, functioning to rotate and turn the trunk.

Lateral Leg Muscles

Muscles located on the outside part of the leg, involved in movement and stabilization of the leg.

Dorsiflexion

The action of lifting the foot upwards towards the shin.