This website uses cookies to ensure you have the best experience. Learn more

Acc 291 Final Exam Essay

1499 words - 6 pages

ACC 291
FINAL EXAM

1) Intangible assets are the rights and privileges that result from ownership of long-lived assets that
A. must be generated internally B. are non-renewable natural resources C. do not have physical substance D. have been exchanged at a gain
2) Gains on an exchange of plant assets that has commercial substance are
A. deducted from the cost of the new asset acquired B. deferred C. not possible D. recognized immediately
3) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts ...view middle of the document...

the carrying value of the bonds will decrease each period C. interest expense will not be a constant dollar amount over the life of the bond D. interest paid to bondholders will be a function of the effective-interest rate on the date the bonds were issued
8) Capital stock to which the charter has assigned a value per share is called
A. par value stock B. no-par value stock C. stated value stock D. assigned value stock
9) 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. There were no dividends declared in 2010. 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?
A. $0 B. $25,000 C. $45,000 D. $20,000
10) Two individuals at a retail store work the same cash register. You evaluate this situation as
A. a violation of establishment of responsibility B. a violation of segregation of duties C. supporting the establishment of responsibility D. supporting internal independent verification
11) The Sarbanes-Oxley Act imposed which new penalty for executives?
A. Fines B. Suspension C. Criminal prosecution for executives D. Return of ill-gotten gains
12) 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
A. safeguard assets B. monitor balance sheets C. control liabilities D. evaluate capital stock
13) The purchase of treasury stock
A. decreases common stock authorized B. decreases common stock issued C. decreases common stock outstanding D. has no effect on common stock outstanding
14) Which of the following is a fundamental factor in having an effective, ethical corporate culture?
A. Efficient oversight by the company’s Board of Directors B. Workplace ethics C. Code of conduct D. Ethics management programs
15) Dawson Company issued 500 shares of no-par common stock for $4,500. Which of the following journal entries would be made if the stock has a stated value of $2 per share?
A. Cash: $4,500 Common Stock: 4,500
B. Cash: $4,500 Common Stock: 1,000 Paid-In Capital in Excess of Par 3,500
C. Cash: $4,500 Common Stock: 1,000 Paid-In Capital in Excess of Stated Value 3,500
D. Common Stock: $4,500 Cash: $4,500
16) 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. What adjusting entry will Hahn Company make to record the bad debts expense?
A. Bad Debts Expense: $15,000 Allowances for Doubtful Accounts: $15,000
B. Bad Debts Expense: $12,000 Allowances for Doubtful Accounts: $12,000
C. Bad Debts Expense: $12,000 Accounts Receivable: $12,000
D. Bad Debts Expense: $15,000 Accounts Receivable: $15,000
17) Blanco, Inc. has the following income statement (in millions): BLANCO,...

Other assignments on Acc 291 Final Exam

None Essay

2422 words - 10 pages exam, which is | | | | |timed and must be completed in 3 hours. Results are auto graded and sent to your instructor. | | | | | | | | | |Note. Final Examination questions are adapted from Financial

Mgt216 Essay

714 words - 3 pages The first ethical issue presented in the ethics game simulation was whether to warn consumers about the contaminated product and what information to provide consumers about the contaminant. The second ethical issue was whether to sell a product that does not meet U.S. safety requirements in a foreign market that has lower safety restrictions. G-BioSport was not required to meet prior approval from the Federal Drug Administration before they

Economy Effect Of Marijuana

277 words - 2 pages Modern American History by Alan Renga 2nd Mid Term! You will be given 3 Short Essay questions and 20 Multiple Choice questions deriving from this list! 80 points total! The 1920s Warren Harding then Calvin Coolidge Tea Pot Dome 1st Red Scare Immigration Restriction, Sacco and Vanzetti Langston Hughes, Marcus Garvey, KKK Prosperity, advertising Prohibition, Al Capone Flappers, Clara Bow, Rudolph Valentino Babe Ruth, Jack Dempsey

The Vc Shakeout

2033 words - 9 pages ECONOMY 26 Luring a big firm to town is not the secret to job growth DEFEND YOUR RESEARCH 30 Are morning people wired for success? VISION STATEMENT 32 The social web’s east-west divide COLUMN 38 Warren Bennis looks back on his surprising path to fame New Thinking, Research in Progress hbr.org New Thinking, Research in Progress hbr.org FIRST The VC Shakeout Venture capital hasn’t worked for a decade and must be radically

Hospitals Paper

6014 words - 25 pages I hope to provide in this paper a comprehensive understanding for what the term “hospital” has become. Hospitals are an extremely complex system that man has created and shaped and reshaped throughout history. My goal in writing and researching this paper will be to provide those who read it a clear understanding on how the hospital system got to where it is today, and to shed some light on the many organizations that affiliate with and

Course Syllabus

2610 words - 11 pages . | |Methods of Evaluation |The final grade will be determined by your scores on the Class as: | | |CASH To ROI Mandatory Tutoring (15%), Participation/Activities (10%), Homework (20%),Quizzes/Tests (15%),Midterm Exam | | |(20%),&Final Exam (20

Management

1477 words - 6 pages Boeing Management Planning Heather Oetzel MGT 330 October 22, 2012 Joe Cheng Abstract Boeing is known as “the world’s leading aerospace company and the largest manufacturer of commercial jetliner and military aircraft combined ("The Boeing Company: About Us", 2012). Every company uses different types of management techniques including how the planning function of management is used. Planning allows organizations to develop how the

Assisted Suicide

1015 words - 5 pages Quill v. Vacco: - "What concern prompts the state to interfere with a mentally competent patient's 'right to define [his] own concept of existence, of meaning, of the universe, and of the mystery of human life,' [Planned Parenthood v. Casey] when the patient seeks to have drugs prescribed to end life during the final stages of a terminal illness? The greatly reduced interest of the state in preserving life compels the answer to these questions: 'None

Tanglewood Case 1

797 words - 4 pages Tanglewood’s staffing strategy requires the organization to make key decisions about the acquisition, deployment, and retention of the organization’s workforce. In order to accomplish this, Tanglewood’s must make thirteen decisions regarding its staffing levels and its staffing quality. One of the first decisions that Tanglewood needs to choose is to acquire or develop talent. Tanglewood should try to develop their current talent because one

Nnnnn

1391 words - 6 pages Есе по въпроса: Кои от всички „действащи” лица могат да се разглеждат като морално отговорни и в какво именно? по казуса Форд „Пинто” Корпоративните злодеяния са нанесли повече вреди на обществото от всички улични престъпления взети заедно. Според данни на ФБР сумата от уличните престъпления възлиза на $3.8 млрд. годишно, а загубите от корпоративните измами между $100 млрд. и $400 млрд. годишно

The Penis

1052 words - 5 pages The short story ”The Penis” is written by Hanif Kureishi. The short story is about a penis, which has been separated from its owner Doug, who we hear from later on. At first though we hear about a guy called Alfie who was “a cutter – a hairdresser – and had to get to work”. He is having breakfast with his wife, when she asks him what he did last night, and if he had a good time last night? Alfie can not remember what he did last night, he then

Similar Documents

Acc 497 Final Exam Question And Answers

6211 words - 25 pages partners are taxed, and the partnership is also taxed as a separate legal entity. Want to download the Final Exam answers..?? Click ACC 497 Final Exam BUSINESS ENVIRONMENT AND CONCEPTS Section 2: Economic Concepts Essential to Obtaining an Understanding of an Entity's Business and Industry 4. What effect would a decrease in interest rates by the Federal Reserve most likely have in the nation’s manufacturing sector, all other factors

Acc 557 Week 1 Discussion Questions

377 words - 2 pages In this document of ACC 548 Final Exam you will find the next information: 1. Under GASB rules for the financial reporting entity 2. According to GASB Statement No. 44, all of the following is a recommendation category for the CAFR Business - Accounting Assume a government is a special-purpose government engaged in only one governmental activity. Which financial statements would be require A public college had tuition and fees of

Acc 421 Week 2 Individual Assignments

371 words - 2 pages This document contains ACC 421 Final Exam 1) When an item of expense is paid and recorded in advance, it is normally called a(n) 2) If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve 3) An accrued expense can best be described as an amount 4) Which of the following statements is not an objective of financial

Acc543 Mid Term/Final Study Guide Essay

2448 words - 10 pages ACC/543 Sample Questions for Midterm and Final Examinations The sample exam below is a representation of the Midterm and Final Examinations your students will take in Weeks Three and Six of this course. As in the sample exam below, the Midterm and Final Examinations will include questions that assess the course objectives. Although the sample exam contains one question per objective, the Midterm and Final Examinations will contain three