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3 Cards in this Set

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ACCT-504 Final Exam Solutionhttp://uphomework.com/downloads/acct-504-final-exam-solution/(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 organization(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 debit(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 12,500Under the accrual basis of accounting, revenues are recorded and reported _____.when companies receive payments for jobs performed or products providedwhen companies have provided products or performed serviceswhen companies receive payments prior to providing products or performing serviceswhen companies receive payments after providing products or performing servicesIn a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income?LIFOThe average cost methodFIFO

ACCT-504 Final Exam Solutionhttp://uphomework.com/downloads/acct-504-final-exam-solution/(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 organization(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 debit(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 12,500Under the accrual basis of accounting, revenues are recorded and reported _____.when companies receive payments for jobs performed or products providedwhen companies have provided products or performed serviceswhen companies receive payments prior to providing products or performing serviceswhen companies receive payments after providing products or performing servicesIn a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income?LIFOThe average cost methodFIFO

ACCT-504 Final Exam Solutionhttp://uphomework.com/downloads/acct-504-final-exam-solution/(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 organization(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 debit(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 12,500Under the accrual basis of accounting, revenues are recorded and reported _____.when companies receive payments for jobs performed or products providedwhen companies have provided products or performed serviceswhen companies receive payments prior to providing products or performing serviceswhen companies receive payments after providing products or performing servicesIn a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income?LIFOThe average cost methodFIFO

ACCT-504 Final Exam Solutionhttp://uphomework.com/downloads/acct-504-final-exam-solution/(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 organization(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 debit(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 12,500Under the accrual basis of accounting, revenues are recorded and reported _____.when companies receive payments for jobs performed or products providedwhen companies have provided products or performed serviceswhen companies receive payments prior to providing products or performing serviceswhen companies receive payments after providing products or performing servicesIn a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income?LIFOThe average cost methodFIFO

ACCT-504 Final Exam Solutionhttp://uphomework.com/downloads/acct-504-final-exam-solution/(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 organization(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 debit(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 12,500Under the accrual basis of accounting, revenues are recorded and reported _____.when companies receive payments for jobs performed or products providedwhen companies have provided products or performed serviceswhen companies receive payments prior to providing products or performing serviceswhen companies receive payments after providing products or performing servicesIn a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income?LIFOThe average cost methodFIFO

ACCT-504 Final Exam Solutionhttp://uphomework.com/downloads/acct-504-final-exam-solution/(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 organization(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 debit(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 12,500Under the accrual basis of accounting, revenues are recorded and reported _____.when companies receive payments for jobs performed or products providedwhen companies have provided products or performed serviceswhen companies receive payments prior to providing products or performing serviceswhen companies receive payments after providing products or performing servicesIn a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income?LIFOThe average cost methodFIFO