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ACCT 504 Final Exam |
ACCT 504 Final Exam (Devry) 1. (TCO A) Which of the following is an advantage of the sole proprietorship relative to the corporate form of business organization? 2. (TCO A) Dividends _____. 3. (TCOs A, B) Below is a partial list of account balances for LBJ Company 4. (TCOs B, E) Why is the accrual basis of accounting preferred by GAAP? 5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income? 6. (TCOs A, E) Equipment was purchased for $75,000 on January 1, 2011. Freight charges of $3,200 were incurred and there was a cost of $6,000 for installation. It is estimated the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense for 2011 using the straight-line method will be _____ 7. (TCO D,G) Payne Corporation issues 100 twenty-year, 6%, $1,000 bonds dated July 1, 2010, at 94. The journal entry to record the issuance will show a _____. 8. (TCO C) Accounts receivable arising from sales to customers amounted to $80,000 and $100,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $1,000,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. 9. (TCO F) If you are making comparisons within a company to detect changes in financial relationships and significant trends, you are performing what type of analysis? 10. (TCO F) The formula for performing horizontal analysis is _____. 11. (TCO F) Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time _____. 12. (TCO F) A common measure of liquidity is _____ 13. (TCO F) Short-term creditors would be most interested in which of the following ratios? 14. (TCO G) To calculate the market value of a bond, we need to _____. 1. (TCO A) Use the following partial financial statement information below to calculate the liquidity and profitability ratios. This information can be used to correctly solve each of the ratios below 2. (TCO D) The Oxford Company has budgeted sales revenues as follows 3. (TCOs B, E) The following items are taken from the financial statements of Lansing Company for 2010 4. (TCO D) Your friend James has hired you to evaluate the following internal control procedures 5. (TCOs D, E) Please prepare the following journal entries. Indicate which account should be debited with the abbreviation DR in front of the account name and which account should be credited with the abbreviation CR in front of the account name along with the dollar amount of the debit and credit 6. (TCO C) Please indicate which section of the statement of cash flows should contain each of the following items and whether each item would result in an inflow or outflow of cash. The sections are Operating, Investing, and Financing
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ACCT 504 Final Exam
http://www.fres-courses.com/product/acct-504-final-exam-devry |
ACCT 504 Final Exam (Devry) 1. (TCO A) Which of the following is an advantage of the sole proprietorship relative to the corporate form of business organization? 2. (TCO A) Dividends _____. 3. (TCOs A, B) Below is a partial list of account balances for LBJ Company 4. (TCOs B, E) Why is the accrual basis of accounting preferred by GAAP? 5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income? 6. (TCOs A, E) Equipment was purchased for $75,000 on January 1, 2011. Freight charges of $3,200 were incurred and there was a cost of $6,000 for installation. It is estimated the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense for 2011 using the straight-line method will be _____ 7. (TCO D,G) Payne Corporation issues 100 twenty-year, 6%, $1,000 bonds dated July 1, 2010, at 94. The journal entry to record the issuance will show a _____. 8. (TCO C) Accounts receivable arising from sales to customers amounted to $80,000 and $100,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $1,000,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. 9. (TCO F) If you are making comparisons within a company to detect changes in financial relationships and significant trends, you are performing what type of analysis? 10. (TCO F) The formula for performing horizontal analysis is _____. 11. (TCO F) Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time _____. 12. (TCO F) A common measure of liquidity is _____ 13. (TCO F) Short-term creditors would be most interested in which of the following ratios? 14. (TCO G) To calculate the market value of a bond, we need to _____. 1. (TCO A) Use the following partial financial statement information below to calculate the liquidity and profitability ratios. This information can be used to correctly solve each of the ratios below 2. (TCO D) The Oxford Company has budgeted sales revenues as follows 3. (TCOs B, E) The following items are taken from the financial statements of Lansing Company for 2010 4. (TCO D) Your friend James has hired you to evaluate the following internal control procedures 5. (TCOs D, E) Please prepare the following journal entries. Indicate which account should be debited with the abbreviation DR in front of the account name and which account should be credited with the abbreviation CR in front of the account name along with the dollar amount of the debit and credit 6. (TCO C) Please indicate which section of the statement of cash flows should contain each of the following items and whether each item would result in an inflow or outflow of cash. The sections are Operating, Investing, and Financing
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ACCT 504 Final Exam
http://www.fres-courses.com/product/acct-504-final-exam-devry |
ACCT 504 Final Exam (Devry) 1. (TCO A) Which of the following is an advantage of the sole proprietorship relative to the corporate form of business organization? 2. (TCO A) Dividends _____. 3. (TCOs A, B) Below is a partial list of account balances for LBJ Company 4. (TCOs B, E) Why is the accrual basis of accounting preferred by GAAP? 5. (TCO D) In a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income? 6. (TCOs A, E) Equipment was purchased for $75,000 on January 1, 2011. Freight charges of $3,200 were incurred and there was a cost of $6,000 for installation. It is estimated the equipment will have a $12,000 salvage value at the end of its 5-year useful life. Depreciation expense for 2011 using the straight-line method will be _____ 7. (TCO D,G) Payne Corporation issues 100 twenty-year, 6%, $1,000 bonds dated July 1, 2010, at 94. The journal entry to record the issuance will show a _____. 8. (TCO C) Accounts receivable arising from sales to customers amounted to $80,000 and $100,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $1,000,000. Exclusive of the effect of other adjustments, the cash flows from operating activities to be reported on the statement of cash flows is _____. 9. (TCO F) If you are making comparisons within a company to detect changes in financial relationships and significant trends, you are performing what type of analysis? 10. (TCO F) The formula for performing horizontal analysis is _____. 11. (TCO F) Horizontal analysis is a technique for evaluating a series of financial statement data over a period of time _____. 12. (TCO F) A common measure of liquidity is _____ 13. (TCO F) Short-term creditors would be most interested in which of the following ratios? 14. (TCO G) To calculate the market value of a bond, we need to _____. 1. (TCO A) Use the following partial financial statement information below to calculate the liquidity and profitability ratios. This information can be used to correctly solve each of the ratios below 2. (TCO D) The Oxford Company has budgeted sales revenues as follows 3. (TCOs B, E) The following items are taken from the financial statements of Lansing Company for 2010 4. (TCO D) Your friend James has hired you to evaluate the following internal control procedures 5. (TCOs D, E) Please prepare the following journal entries. Indicate which account should be debited with the abbreviation DR in front of the account name and which account should be credited with the abbreviation CR in front of the account name along with the dollar amount of the debit and credit 6. (TCO C) Please indicate which section of the statement of cash flows should contain each of the following items and whether each item would result in an inflow or outflow of cash. The sections are Operating, Investing, and Financing
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