# Acc 291 Final Exam Solution 30 Mcqs Essay example

7672 Words Mar 30th, 2016 31 Pages
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
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

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