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ACCT 504 Final Exam (3 different finals)
1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investorsHarder to transfer ownershipLower taxesMost common form of organization2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) the most common form of distribution is a cash dividendthe Dividends account will be increased with a creditthe Retained Earnings account will be directly increased with a debitthe Dividends account will be decreased with a debit3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:Cash $5,000Prepaid insurance 500Accounts receivable 2,500Accounts payable 2,000Notes payable 3,000Common stock 1,000Dividends 500Revenues 15,000Expenses 12,500What did Cerner Company show as total credits? (Points : 5) $21,500$21,000$20,500$22,000
4. (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5) when they are incurred, whether or not cash is paidwhen they are incurred and paid at the same timeif they are paid before they are incurredif they are paid after they are incurred5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5) LIFO will have the highest ending inventoryFIFO will have the highest cost of goods soldAll three companies will have the same value for ending inventory.average cost will have an ending inventory value that falls between FIFO and LIFO
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