ACC
291 Final Exam Assignments
Multiple
Choice Question 86
An
aging of a company's accounts receivable indicates that $4,500 are estimated to
be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit
balance, the adjustment to record bad debts for the period will require a
·
debit to Bad Debt Expense for $4,500.
·
debit to Bad Debt Expense for $3,300.
·
credit to Allowance for Doubtful Accounts for
$4,500.
·
debit to Allowance for Doubtful Accounts for
$3,300.
Multiple
Choice Question 182
The
financial statements of the Melton Manufacturing Company reports net sales of
$300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the
year and end of year, respectively. What is the average collection period for
accounts receivable in days?
·
60.8
·
96.1
·
36.5
·
48.7
Multiple
Choice Question 119
Stine
Company purchased machinery with a list price of $64,000. They were given a 10%
discount by the manufacturer. They paid $400 for shipping and sales tax of
$3,000. Stine estimates that the machinery will have a useful life of 10 years
and a residual value of $20,000. If Stine uses straight-line depreciation,
annual depreciation will be
·
$3,760.
·
$4,072.
·
$6,100.
·
$4,100.
Multiple
Choice Question 198
Given
the following account balances at year end, compute the total intangible assets
on the balance sheet of Janssen Enterprises.
Cash $1,500,000
Accounts
Receivable 4,000,000
Trademarks 1,000,000
Goodwill 2,500,000
Research
& Development Costs 2,000,000
·
$7,500,000.
·
$5,500,000.
·
$3,500,000.
·
$9,500,000.
Multiple
Choice Question 207
On
January 1, a machine with a useful life of five years and a residual value of
$40,000 was purchased for $120,000. What is the depreciation expense for year 2
under the double-declining-balance method of depreciation?
·
$38,400.
·
$48,000.
·
$23,040.
·
$28,800.
IFRS
Multiple Choice Question 01
As a
recent graduate of State University you're aware that IFRS requires component
depreciation for plant assets. A friend has asked you to succinctly explain
what component depreciation means. Which of the following correctly describes
component depreciation?
·
The method that requires that significant
parts of a plant asset with different useful lives be depreciated separately.
·
The method used to ensure that the
depreciation rate remains constant from year to year.
·
The method used to prorate annual
depreciation on a time basis.
·
The method of depreciation recommended for an
asset that is expected to be significantly more productive in the first half of
its useful life.
Multiple
Choice Question 146
Bonds
with a face value of $300,000 and a quoted price of 97¼ have a selling price of
·
$292,500.
·
$291,075.
·
$291,750.
·
$291,006.
Multiple
Choice Question 188
Sparks
Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1,
2013. The bonds had a face value of $400,000, pay interest annually on December
31st, and have a call price of 102. Sparks uses the straight-line method of
amortization. What is the carrying value of the bonds on January 1, 2015?
·
$400,000
·
$420,700
·
$418,400
·
$381,600
Multiple
Choice Question 90
S.
Lawyer performed legal services for E. Corp. Due to a cash shortage, an
agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of
approximately $15,000 by issuing 8,000 shares of its common stock (par $1). The
stock trades on a daily basis and the market price of the stock on the day the
debt was settled is $1.80 per share. Given this information, the best journal
entry for E. Corp. to record for this transaction is
·
Legal Expense 14,400
Common Stock 8,000
Paid-in Capital in Excess of Par -
Common 6,400
·
Legal Expense 15,000
Common Stock 15,000
·
Legal Expense 15,000
Common Stock 8,000
Paid-in Capital in Excess of Par -
Common 7,000
·
Legal Expense 14,400
Common Stock 14,400
Multiple
Choice Question 110
Logan
Corporation issues 50,000 shares of $50 par value preferred stock for cash at
$60 per share. The entry to record the transaction will consist of a debit to
Cash for $3,000,000 and a credit or credits to
·
Preferred Stock for $2,500,000 and Paid-in
Capital in Excess of Par Value—Preferred Stock for $500,000.
·
Preferred Stock for $2,500,000 and Retained
Earnings for $500,000.
·
Paid-in Capital from Preferred Stock for
$3,000,000.
·
Preferred Stock for $3,000,000.
IFRS
Multiple Choice Question 01
Jahnke
Corporation issued 8,000 shares of €2 par value ordinary shares for €11 per
share. The journal entry to record the sale will include
·
a credit to Share Capital–Ordinary for
€88,000.
·
a debit to Retained Earnings for €72,000.
·
a debit to Cash for €16,000.
·
a credit to Share Premium–Ordinary for
€72,000.
Multiple
Choice Question 80
Zoum
Corporation had the following transactions during 2014:
1. Issued
$125,000 of par value common stock for cash.
2. Recorded and paid wages expense of
$60,000.
3. Acquired land by issuing common stock of
par value $50,000.
4. Declared and paid a cash dividend of $10,000.
5. Sold a long-term investment (cost $3,000)
for cash of $3,000.
6. Recorded cash sales of $400,000.
7. Bought inventory for cash of $160,000.
8. Acquired an investment in Zynga stock for
cash of $21,000.
9. Converted bonds payable to common stock in
the amount of $500,000.
10. Repaid a 6 year note payable in the amount
of $220,000.
What
is the net cash provided by financing activities?
·
$395,000.
·
$<605,000>.
·
$<105,000>.
·
$115,000.
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Multiple
Choice Question 176
Colie
Company had an increase in inventory of $120,000. The cost of goods sold was
$490,000. There was a $30,000 decrease in accounts payable from the prior
period. Using the direct method of reporting cash flows from operating
activities, what were Colie's cash payments to suppliers?
·
$580,000.
·
$370,000.
·
$310,000.
·
$640,000.
IFRS
Multiple Choice Question 04
Each
of the following items may be classified as operating or financing activities
under IFRS except
·
dividends paid.
·
dividends received.
·
interest paid. (Incorrect)
·
all of these answer choices may be classified
as such.
Multiple
Choice Question 165
The
current assets of Orangatte Company are $227,500. The current liabilities are
$130,000. The current ratio expressed as a proportion is
·
1.75:1.
·
175%.
·
$210,000 ÷ $120,000.
·
.57:1.
Multiple
Choice Question 41
All
of the following requirements about internal controls were enacted under the
Sarbanes Oxley Act of 2002 except:
·
independent outside auditors must eliminate
redundant internal control.
·
companies must continually assess the
functionality of internal controls.
·
independent outside auditors must attest to
the level of internal control.
·
companies must develop sound internal
controls over financial reporting.
Multiple
Choice Question 85
Which
of the following is not an internal control activity for cash?
·
The number of persons who have access to cash
should be limited.
·
The functions of record keeping and
maintaining custody of cash should be combined.
·
Surprise audits of cash on hand should be
made occasionally.
·
All cash receipts should be recorded
promptly.
Multiple
Choice Question 92
Before
a check authorization is issued, the following documents must be in agreement,
except for the
·
purchase order.
·
invoice.
·
remittance advice.
·
receiving report.
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291 Week 5
Multiple
Choice Question 115
Mitchell
Corporation bought equipment on January 1, 2014 .The equipment cost $180,000
and had an expected salvage value of $30,000. The life of the equipment was
estimated to be 6 years. The book value of the equipment at the beginning of
the third year would be
·
$50,000.
·
$180,000.
·
$150,000.
·
$130,000.
Multiple
Choice Question 142
Brevard
Corporation purchased a taxicab on January 1, 2013 for $25,500 to use for its
shuttle business. The cab is expected to have a five-year useful life and no
salvage value. During 2014, it retouched the cab's paint at a cost of $1,200,
replaced the transmission for $3,000 (which extended its life by an additional
2 years), and tuned-up the motor for $150. If Brevard Corporation uses
straight-line depreciation, what annual depreciation will Brevard report for
2014?
·
$4,100.
·
$5,100.
·
$4,125.
·
$3,900.
Multiple
Choice Question 164
On
July 1, 2014, Fleming Company sells machinery for $120,000. The machinery
originally cost $300,000, had an estimated 5-year life and an expected salvage
value of $50,000. The Accumulated Depreciation account had a balance of
$175,000 on January 1, 2014, using the straight-line method. The gain or loss
on disposal is
·
$20,000 gain.
·
$5,000 loss.
·
$10,000 loss.
·
$5,000 gain.
Multiple
Choice Question 180
On
July 1, 2014, Linden Company purchased the copyright to Norman Computer
Tutorials for $140,000. It is estimated that the copyright will have a useful
life of 5 years. The amount of Amortization Expense recognized for the year
2014 would be
·
$14,000.
·
$25,900.
·
$28,000.
·
$13,125.
Multiple
Choice Question 120
The
following totals for the month of April were taken from the payroll records of
Metz Company.
Salaries $30,000
FICA
taxes withheld 2,295
Income
taxes withheld 6,600
Medical
insurance deductions 1,200
Federal
unemployment taxes 240
State
unemployment taxes 1,500
The
entry to record accrual of employer’s payroll taxes would include a
·
credit to FICA Taxes Payable for $1,740.
·
credit to Payroll Tax Expense for $1,740.
·
debit to Payroll Tax Expense for $4,035.
·
credit to Payroll Tax Expense for $4,035.
Multiple
Choice Question 242
Thayer
Company purchased a building on January 2 by signing a long-term $2,520,000
mortgage with monthly payments of $23,100. The mortgage carries an interest
rate of 10 percent. The amount owed on the mortgage after the first payment
will be
·
$2,499,000.
·
$2,496,900.
·
$2,520,000.
·
$2,517,900.
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291 Final Exam Questions Answers
Multiple
Choice Question 96
The
following data is available for BOX Corporation at December 31, 2014:
Common
stock, par $10 (authorized 30,000 shares) $250,000
Treasury
stock (at cost $15 per share) $1,200
Based
on the data, how many shares of common stock are outstanding?
·
30,000.
·
24,920.
·
25,000.
·
29,920. (Incorrect)
Multiple
Choice Question 144
Indicate
the respective effects of the declaration of a cash dividend on the following
balance sheet sections:
Total Assets Total Liabilities Total
Stockholders' Equity
·
Decrease Increase Decrease
·
Increase Decrease No change
·
Decrease No
change Increase
·
No change Increase Decrease
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Multiple
Choice Question 102
Assume
the following cost of goods sold data for a company:
2015 $1,300,000
2014 1,200,000
2013 1,000,000
If
2013 is the base year, what is the percentage increase in cost of goods sold
from 2013 to 2015?
·
30%
·
70%
·
130%
·
20%
Multiple
Choice Question 179
A
company has an average inventory on hand of $75,000 and its average days in
inventory is 36.5 days. What is the cost of goods sold?
·
$1,680,000
·
$876,000
·
$750,000
·
$1,752,000
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Multiple
Choice Question 199
The
following information is available for Patterson Company:
2014 2013
Accounts
receivable $ 360,000 $ 340,000
Inventory 280,000 320,000
Net
credit sales 3,000,000 2,600,000
Cost
of goods sold 1,500,000 840,000
Net
income 300,000 170,000
The
accounts receivable turnover for 2014 is
·
4.3 times.
·
8.6 times.
·
7.6 times.
·
8.3 times.
Multiple
Choice Question 221
All
of the following situtations below might indicate a company has a low quality
of earnings except
·
Maintenance costs are capitalized and then
depreciated (Incorrect).
·
Revenue is recognized when earned.
·
A lack of disclosure about guaranteed
payments that were mentioned in the MD&A of the annual report.
·
Adoption of a different inventory method for
each of the last three years.
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291 Final Exam questions with answers
IFRS
Multiple Choice Question 05
IFRS
·
implies that receivables with different
characteristics should be reported as one unsegregated amount.
·
implies that receivables with different characteristics
should be reported separately.
·
requires that receivables with different
characteristics should be reported as one unsegregated amount.
·
requires that receivables with different
characteristics should be reported separately.
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