ACC 291 FINAL EXAM SOLUTION 30 MCQS
Follow below link to get this tutorial:
Contact us at:
ACC 291 FINAL EXAM SOLUTION 30 MCQS
1) Hahn Company uses the percentage of sales method for
recording bad debts expense. For the year, cash sales are $300,000 and credit
sales are $1,200,000. Management estimates that 1% is the sales percentage to
use. acc 291 final exam. What adjusting entry will Hahn Company make to record
the bad debts expense?
2) Using the percentage of receivables method for recording bad
debts expense, estimated uncollectible accounts are $15,000. acc 291 final
exam. If the balance of the Allowance for Doubtful Accounts is $3,000 credit
before adjustment, what is the amount of bad debts expense for that period?
3) Intangible assets
4) Intangible assets are the rights and privileges that result
from ownership of long-lived assets that
5) The book value of an asset is equal to the
6) Gains on an exchange of plant assets that has commercial
substance are
7) Ordinary repairs are expenditures to maintain the operating
efficiency of a plant asset and are referred to as
8) Costs incurred to increase the operating efficiency or useful
life of a plant asset are referred to as
9) When an interest-bearing note matures, the balance in the
Notes Payable account is
10) The interest charged on a $200,000 note payable, at a rate
of 6%, on a 2-month note would be
11) If a corporation issued $3,000,000 in bonds which pay 10%
annual interest, what is the annual net cash cost of this borrowing if the
income tax rate is 30%?
12) Hilton Company issued a four-year interest-bearing note
payable for $300,000 on January 1, 2011. acc 291 final exam. Each January the
company is required to pay $75,000 on the note. How will this note be reported
on the December 31, 2012 balance sheet?
13) A corporation issued $600,000, 10%, 5-year bonds on January
1, 2011 for 648,666, which reflects an effective-interest rate of 8%. Interest
is paid semiannually on January 1 and July 1. acc 291 final exam. If the
corporation uses the effective-interest method of amortization of bond premium,
the amount of bond interest expense to be recognized on July 1, 2011, is
14) When the effective-interest method of bond discount
amortization is used
15) If a corporation has only one class of stock, it is referred
to as
16) Capital stock to which the charter has assigned a value per
share is called
17) ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulative
preferred stock and 50,000 shares of $1 par value common stock outstanding at
December 31, 2011. acc 291 final exam. What is the annual dividend on the
preferred stock?
18) Manner, Inc. has 5,000 shares of 5%, $100 par value,
noncumulative preferred stock and 20,000 shares of $1 par value common stock
outstanding at December 31, 2011. acc 291 final exam. There were no dividends
declared in 2010. acc 291 final exam. The board of directors declares and pays
a $45,000 dividend in 2011. What is the amount of dividends received by the
common stockholders in 2011?
19) When the selling price of treasury stock is greater than its
cost, the company credits the difference to
20) The purchase of treasury stock
21) Marsh Company has other operating expenses of $240,000.
There has been an increase in prepaid expenses of $16,000 during the year, and
accrued liabilities are $24,000 lower than in the prior period. acc 291 final
exam. Using the direct method of reporting cash flows from operating
activities, acc 291 final exam what were Marsh’s cash payments for operating
expenses?
22) Where would the event purchased land for cash appear, if at
all, on the indirect statement of cash flows?
23) In performing a vertical analysis, the base for cost of
goods sold is
24) Blanco, Inc. has the following income statement (in
millions):
BLANCO, INC.
Income Statement
For the Year Ended December 31, 2011
Net Sales
………………………… $200
Cost of Goods Sold
………………………… 120
Gross Profit
………………………… 80
Operating Expenses
………………………… 44
Net Income
………………………… $ 36
Using vertical analysis, what percentage is assigned to Net
Income?
25) Dawson Company issued 500 shares of no-par common stock for $4,500. acc 291 final exam, Which of the following journal entries would be made if the stock has a stated value of $2 per share?
26) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. acc291 final exam. The entry to record the sale includes a
25) Dawson Company issued 500 shares of no-par common stock for $4,500. acc 291 final exam, Which of the following journal entries would be made if the stock has a stated value of $2 per share?
26) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. acc291 final exam. The entry to record the sale includes a
27) Which of the following is a fundamental factor in having an
effective, ethical corporate culture?
28) Two individuals at a retail store work the same cash
register. You evaluate this situation as
29) The Sarbanes-Oxley Act imposed which new penalty for
executives?
30) The Sarbanes-Oxley Act requires that all publicly traded
companies maintain a system of internal controls. Internal controls can be
defined as a plan to
No comments:
Post a Comment