SlideShare a Scribd company logo
ACC 291 Final Exam /Correct Answers
                       Click here to get Answers

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. 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. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before
adjustment, what is the amount of bad debts expense for that period?
3) Intangible assets
4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that
5) The book value of an asset is equal to the
6) Gains on an exchange of plant assets that has commercial substance are
7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are
referred to as
8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as
9) When an interest-bearing note matures, the balance in the Notes Payable account is
10) The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would
be                 ACC 291 Final Exam
11) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual net
cash cost of this borrowing if the income tax rate is 30%?
12) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011.
Each January the company is required to pay $75,000 on the note. How will this note be reported on the
December 31, 2012 balance sheet?
13) A corporation issued $600,000, 10%, 5-year bonds on January 1, 2011 for 648,666, which reflects an
effective-interest rate of 8%. Interest is paid semiannually on January 1 and July 1. 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. 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. 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.
Using the direct method of reporting cash flows from operating activities, acc 291 final exam what were
Marsh's cash payments for operating expenses?
22) Where would the event purchased land for cash appear, if at all, on the indirect statement of cash
flows?                    ACC 291 Final Exam
23) In performing a vertical analysis, the base for cost of goods sold is
24) Blanco, Inc. has the following income statement (in millions):
BLANCO, INC.
Income Statement
For the Year Ended December 31, 2011
Net Sales      .............................. $200
Cost of Goods Sold .............................. 120
Gross Profit .............................. 80
Operating Expenses .............................. 44
Net Income .............................. $ 36
Using vertical analysis, what percentage is assigned to Net Income?
25) 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?
26) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock
was sold later at a selling price of $6 per share. acc291 final exam. The entry to record the sale includes
a
27) Which of the following is a fundamental factor in having an effective, ethical corporate culture?
28) Two individuals at a retail store work the same cash register. You evaluate this situation as
29) The Sarbanes-Oxley Act imposed which new penalty for executives?
30) 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

More Related Content

Viewers also liked

Juan diego jaramillo 8a (1)
Juan diego jaramillo 8a (1)Juan diego jaramillo 8a (1)
Juan diego jaramillo 8a (1)
lol1999
 
المراسلات التجاريه (Business letters)2
المراسلات التجاريه (Business letters)2المراسلات التجاريه (Business letters)2
المراسلات التجاريه (Business letters)2Ibtesam Abu Khalaf
 
Fly beca me_online_def
Fly beca me_online_defFly beca me_online_def
Fly beca me_online_def
Maria Jose Fernandez
 
Motorola rambler-cdma-cell-phone-features- specification- at cellhut
Motorola rambler-cdma-cell-phone-features- specification- at cellhutMotorola rambler-cdma-cell-phone-features- specification- at cellhut
Motorola rambler-cdma-cell-phone-features- specification- at cellhut
Nickson Nixon
 
Nombre de la teoría
Nombre de la teoríaNombre de la teoría
Nombre de la teoría
juanpablito122
 
Actividad tecnocoquito
Actividad tecnocoquitoActividad tecnocoquito
Actividad tecnocoquito
sararodriguezramos
 
Европротокол
ЕвропротоколЕвропротокол
Европротокол
Алексей Тараненко
 
Error 919 vpn windows 8
Error 919 vpn windows 8Error 919 vpn windows 8
Error 919 vpn windows 8
Zaibi Khan
 
語感教學 威爾斯美語補習班教開口說正統英語
語感教學 威爾斯美語補習班教開口說正統英語語感教學 威爾斯美語補習班教開口說正統英語
語感教學 威爾斯美語補習班教開口說正統英語
pccenter
 

Viewers also liked (10)

Juan diego jaramillo 8a (1)
Juan diego jaramillo 8a (1)Juan diego jaramillo 8a (1)
Juan diego jaramillo 8a (1)
 
المراسلات التجاريه (Business letters)2
المراسلات التجاريه (Business letters)2المراسلات التجاريه (Business letters)2
المراسلات التجاريه (Business letters)2
 
Fly beca me_online_def
Fly beca me_online_defFly beca me_online_def
Fly beca me_online_def
 
Motorola rambler-cdma-cell-phone-features- specification- at cellhut
Motorola rambler-cdma-cell-phone-features- specification- at cellhutMotorola rambler-cdma-cell-phone-features- specification- at cellhut
Motorola rambler-cdma-cell-phone-features- specification- at cellhut
 
Nombre de la teoría
Nombre de la teoríaNombre de la teoría
Nombre de la teoría
 
Actividad tecnocoquito
Actividad tecnocoquitoActividad tecnocoquito
Actividad tecnocoquito
 
Европротокол
ЕвропротоколЕвропротокол
Европротокол
 
Error 919 vpn windows 8
Error 919 vpn windows 8Error 919 vpn windows 8
Error 919 vpn windows 8
 
語感教學 威爾斯美語補習班教開口說正統英語
語感教學 威爾斯美語補習班教開口說正統英語語感教學 威爾斯美語補習班教開口說正統英語
語感教學 威爾斯美語補習班教開口說正統英語
 
IPU Reference Letter
IPU Reference LetterIPU Reference Letter
IPU Reference Letter
 

Similar to ACC 291 Final Exam

Uop acc 291 final exam
Uop acc 291 final examUop acc 291 final exam
Uop acc 291 final exam
vernonlopezz
 
Uop acc 291 final exam guide
Uop acc 291 final exam guideUop acc 291 final exam guide
Uop acc 291 final exam guide
anglecharles28
 
Uop acc 291 final exam guide
Uop acc 291 final exam guideUop acc 291 final exam guide
Uop acc 291 final exam guide
kabalikriston
 
Uop acc 291 final exam guide
Uop acc 291 final exam guideUop acc 291 final exam guide
Uop acc 291 final exam guide
individaulpost
 
Uop acc 291 final exam guide
Uop acc 291 final exam guideUop acc 291 final exam guide
Uop acc 291 final exam guide
olivergeorg
 
Acc 291 final exams
Acc 291 final exams Acc 291 final exams
Acc 291 final exams
examzking
 
Acc 291 final exams
Acc 291 final examsAcc 291 final exams
Acc 291 final exams
helpwant
 
1) Hahn Company uses the percentage of sales method for recording .docx
1) Hahn Company uses the percentage of sales method for recording .docx1) Hahn Company uses the percentage of sales method for recording .docx
1) Hahn Company uses the percentage of sales method for recording .docx
dorishigh
 
Acc 291 final exam3 intangible assets
Acc 291 final exam3 intangible assetsAcc 291 final exam3 intangible assets
Acc 291 final exam3 intangible assets
Mishi Linkon
 
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
Mishi Linkon
 
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
Mishi Linkon
 
30 the sarbanes oxley act requires that all publicly traded companies maintai...
30 the sarbanes oxley act requires that all publicly traded companies maintai...30 the sarbanes oxley act requires that all publicly traded companies maintai...
30 the sarbanes oxley act requires that all publicly traded companies maintai...
Mishi Linkon
 
Acc 291 final exam2 using the percentage of receivables method for recording ...
Acc 291 final exam2 using the percentage of receivables method for recording ...Acc 291 final exam2 using the percentage of receivables method for recording ...
Acc 291 final exam2 using the percentage of receivables method for recording ...
Mishi Linkon
 
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
Mishi Linkon
 
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
Mishi Linkon
 
Acc 291 final exam4 intangible assets are the rights and privileges that resu...
Acc 291 final exam4 intangible assets are the rights and privileges that resu...Acc 291 final exam4 intangible assets are the rights and privileges that resu...
Acc 291 final exam4 intangible assets are the rights and privileges that resu...
Mishi Linkon
 
Acc 291 final exam23 in performing a vertical analysis the base for cost of g...
Acc 291 final exam23 in performing a vertical analysis the base for cost of g...Acc 291 final exam23 in performing a vertical analysis the base for cost of g...
Acc 291 final exam23 in performing a vertical analysis the base for cost of g...
Mishi Linkon
 
Acc 291 final exam19 when the selling price of treasury stock is greater than...
Acc 291 final exam19 when the selling price of treasury stock is greater than...Acc 291 final exam19 when the selling price of treasury stock is greater than...
Acc 291 final exam19 when the selling price of treasury stock is greater than...
Mishi Linkon
 
29 the sarbanes oxley act imposed which new penalty for executives
29 the sarbanes oxley act imposed which new penalty for executives29 the sarbanes oxley act imposed which new penalty for executives
29 the sarbanes oxley act imposed which new penalty for executives
Mishi Linkon
 
Acc 291 final exam5 the book value of an asset is equal to the
Acc 291 final exam5 the book value of an asset is equal to theAcc 291 final exam5 the book value of an asset is equal to the
Acc 291 final exam5 the book value of an asset is equal to the
Mishi Linkon
 

Similar to ACC 291 Final Exam (20)

Uop acc 291 final exam
Uop acc 291 final examUop acc 291 final exam
Uop acc 291 final exam
 
Uop acc 291 final exam guide
Uop acc 291 final exam guideUop acc 291 final exam guide
Uop acc 291 final exam guide
 
Uop acc 291 final exam guide
Uop acc 291 final exam guideUop acc 291 final exam guide
Uop acc 291 final exam guide
 
Uop acc 291 final exam guide
Uop acc 291 final exam guideUop acc 291 final exam guide
Uop acc 291 final exam guide
 
Uop acc 291 final exam guide
Uop acc 291 final exam guideUop acc 291 final exam guide
Uop acc 291 final exam guide
 
Acc 291 final exams
Acc 291 final exams Acc 291 final exams
Acc 291 final exams
 
Acc 291 final exams
Acc 291 final examsAcc 291 final exams
Acc 291 final exams
 
1) Hahn Company uses the percentage of sales method for recording .docx
1) Hahn Company uses the percentage of sales method for recording .docx1) Hahn Company uses the percentage of sales method for recording .docx
1) Hahn Company uses the percentage of sales method for recording .docx
 
Acc 291 final exam3 intangible assets
Acc 291 final exam3 intangible assetsAcc 291 final exam3 intangible assets
Acc 291 final exam3 intangible assets
 
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...
 
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...
 
30 the sarbanes oxley act requires that all publicly traded companies maintai...
30 the sarbanes oxley act requires that all publicly traded companies maintai...30 the sarbanes oxley act requires that all publicly traded companies maintai...
30 the sarbanes oxley act requires that all publicly traded companies maintai...
 
Acc 291 final exam2 using the percentage of receivables method for recording ...
Acc 291 final exam2 using the percentage of receivables method for recording ...Acc 291 final exam2 using the percentage of receivables method for recording ...
Acc 291 final exam2 using the percentage of receivables method for recording ...
 
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...
 
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...
 
Acc 291 final exam4 intangible assets are the rights and privileges that resu...
Acc 291 final exam4 intangible assets are the rights and privileges that resu...Acc 291 final exam4 intangible assets are the rights and privileges that resu...
Acc 291 final exam4 intangible assets are the rights and privileges that resu...
 
Acc 291 final exam23 in performing a vertical analysis the base for cost of g...
Acc 291 final exam23 in performing a vertical analysis the base for cost of g...Acc 291 final exam23 in performing a vertical analysis the base for cost of g...
Acc 291 final exam23 in performing a vertical analysis the base for cost of g...
 
Acc 291 final exam19 when the selling price of treasury stock is greater than...
Acc 291 final exam19 when the selling price of treasury stock is greater than...Acc 291 final exam19 when the selling price of treasury stock is greater than...
Acc 291 final exam19 when the selling price of treasury stock is greater than...
 
29 the sarbanes oxley act imposed which new penalty for executives
29 the sarbanes oxley act imposed which new penalty for executives29 the sarbanes oxley act imposed which new penalty for executives
29 the sarbanes oxley act imposed which new penalty for executives
 
Acc 291 final exam5 the book value of an asset is equal to the
Acc 291 final exam5 the book value of an asset is equal to theAcc 291 final exam5 the book value of an asset is equal to the
Acc 291 final exam5 the book value of an asset is equal to the
 

More from Clickme1

STR 581 Final Exam
STR 581 Final ExamSTR 581 Final Exam
STR 581 Final Exam
Clickme1
 
RES 342 Final Exam
RES 342 Final ExamRES 342 Final Exam
RES 342 Final Exam
Clickme1
 
MKT 571 Final Exam
MKT 571 Final ExamMKT 571 Final Exam
MKT 571 Final Exam
Clickme1
 
MKT 421 Final Exam
MKT 421 Final ExamMKT 421 Final Exam
MKT 421 Final Exam
Clickme1
 
Ldr 531 final exam
Ldr 531 final examLdr 531 final exam
Ldr 531 final exam
Clickme1
 
LAW 531 Final Exam
LAW 531 Final ExamLAW 531 Final Exam
LAW 531 Final Exam
Clickme1
 
FIN 571 Final Exam
FIN 571 Final ExamFIN 571 Final Exam
FIN 571 Final Exam
Clickme1
 
Eco 415 final exam
Eco 415  final exam Eco 415  final exam
Eco 415 final exam
Clickme1
 
Law 421 Fi
Law 421 FiLaw 421 Fi
Law 421 Fi
Clickme1
 
Bcom 275 final exam
Bcom 275 final examBcom 275 final exam
Bcom 275 final exam
Clickme1
 
Acc 291 q
Acc 291 qAcc 291 q
Acc 291 q
Clickme1
 

More from Clickme1 (11)

STR 581 Final Exam
STR 581 Final ExamSTR 581 Final Exam
STR 581 Final Exam
 
RES 342 Final Exam
RES 342 Final ExamRES 342 Final Exam
RES 342 Final Exam
 
MKT 571 Final Exam
MKT 571 Final ExamMKT 571 Final Exam
MKT 571 Final Exam
 
MKT 421 Final Exam
MKT 421 Final ExamMKT 421 Final Exam
MKT 421 Final Exam
 
Ldr 531 final exam
Ldr 531 final examLdr 531 final exam
Ldr 531 final exam
 
LAW 531 Final Exam
LAW 531 Final ExamLAW 531 Final Exam
LAW 531 Final Exam
 
FIN 571 Final Exam
FIN 571 Final ExamFIN 571 Final Exam
FIN 571 Final Exam
 
Eco 415 final exam
Eco 415  final exam Eco 415  final exam
Eco 415 final exam
 
Law 421 Fi
Law 421 FiLaw 421 Fi
Law 421 Fi
 
Bcom 275 final exam
Bcom 275 final examBcom 275 final exam
Bcom 275 final exam
 
Acc 291 q
Acc 291 qAcc 291 q
Acc 291 q
 

Recently uploaded

Solutons Maths Escape Room Spatial .pptx
Solutons Maths Escape Room Spatial .pptxSolutons Maths Escape Room Spatial .pptx
Solutons Maths Escape Room Spatial .pptx
spdendr
 
Main Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docxMain Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docx
adhitya5119
 
Constructing Your Course Container for Effective Communication
Constructing Your Course Container for Effective CommunicationConstructing Your Course Container for Effective Communication
Constructing Your Course Container for Effective Communication
Chevonnese Chevers Whyte, MBA, B.Sc.
 
Mule event processing models | MuleSoft Mysore Meetup #47
Mule event processing models | MuleSoft Mysore Meetup #47Mule event processing models | MuleSoft Mysore Meetup #47
Mule event processing models | MuleSoft Mysore Meetup #47
MysoreMuleSoftMeetup
 
clinical examination of hip joint (1).pdf
clinical examination of hip joint (1).pdfclinical examination of hip joint (1).pdf
clinical examination of hip joint (1).pdf
Priyankaranawat4
 
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
IGCSE Biology Chapter 14- Reproduction in Plants.pdfIGCSE Biology Chapter 14- Reproduction in Plants.pdf
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
Amin Marwan
 
How to deliver Powerpoint Presentations.pptx
How to deliver Powerpoint  Presentations.pptxHow to deliver Powerpoint  Presentations.pptx
How to deliver Powerpoint Presentations.pptx
HajraNaeem15
 
writing about opinions about Australia the movie
writing about opinions about Australia the moviewriting about opinions about Australia the movie
writing about opinions about Australia the movie
Nicholas Montgomery
 
Bed Making ( Introduction, Purpose, Types, Articles, Scientific principles, N...
Bed Making ( Introduction, Purpose, Types, Articles, Scientific principles, N...Bed Making ( Introduction, Purpose, Types, Articles, Scientific principles, N...
Bed Making ( Introduction, Purpose, Types, Articles, Scientific principles, N...
Leena Ghag-Sakpal
 
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumPhilippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
MJDuyan
 
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxBeyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
EduSkills OECD
 
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdfবাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
eBook.com.bd (প্রয়োজনীয় বাংলা বই)
 
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptxPrésentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
siemaillard
 
BBR 2024 Summer Sessions Interview Training
BBR  2024 Summer Sessions Interview TrainingBBR  2024 Summer Sessions Interview Training
BBR 2024 Summer Sessions Interview Training
Katrina Pritchard
 
The History of Stoke Newington Street Names
The History of Stoke Newington Street NamesThe History of Stoke Newington Street Names
The History of Stoke Newington Street Names
History of Stoke Newington
 
Walmart Business+ and Spark Good for Nonprofits.pdf
Walmart Business+ and Spark Good for Nonprofits.pdfWalmart Business+ and Spark Good for Nonprofits.pdf
Walmart Business+ and Spark Good for Nonprofits.pdf
TechSoup
 
ZK on Polkadot zero knowledge proofs - sub0.pptx
ZK on Polkadot zero knowledge proofs - sub0.pptxZK on Polkadot zero knowledge proofs - sub0.pptx
ZK on Polkadot zero knowledge proofs - sub0.pptx
dot55audits
 
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
Nguyen Thanh Tu Collection
 
How to Create a More Engaging and Human Online Learning Experience
How to Create a More Engaging and Human Online Learning Experience How to Create a More Engaging and Human Online Learning Experience
How to Create a More Engaging and Human Online Learning Experience
Wahiba Chair Training & Consulting
 
Wound healing PPT
Wound healing PPTWound healing PPT
Wound healing PPT
Jyoti Chand
 

Recently uploaded (20)

Solutons Maths Escape Room Spatial .pptx
Solutons Maths Escape Room Spatial .pptxSolutons Maths Escape Room Spatial .pptx
Solutons Maths Escape Room Spatial .pptx
 
Main Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docxMain Java[All of the Base Concepts}.docx
Main Java[All of the Base Concepts}.docx
 
Constructing Your Course Container for Effective Communication
Constructing Your Course Container for Effective CommunicationConstructing Your Course Container for Effective Communication
Constructing Your Course Container for Effective Communication
 
Mule event processing models | MuleSoft Mysore Meetup #47
Mule event processing models | MuleSoft Mysore Meetup #47Mule event processing models | MuleSoft Mysore Meetup #47
Mule event processing models | MuleSoft Mysore Meetup #47
 
clinical examination of hip joint (1).pdf
clinical examination of hip joint (1).pdfclinical examination of hip joint (1).pdf
clinical examination of hip joint (1).pdf
 
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
IGCSE Biology Chapter 14- Reproduction in Plants.pdfIGCSE Biology Chapter 14- Reproduction in Plants.pdf
IGCSE Biology Chapter 14- Reproduction in Plants.pdf
 
How to deliver Powerpoint Presentations.pptx
How to deliver Powerpoint  Presentations.pptxHow to deliver Powerpoint  Presentations.pptx
How to deliver Powerpoint Presentations.pptx
 
writing about opinions about Australia the movie
writing about opinions about Australia the moviewriting about opinions about Australia the movie
writing about opinions about Australia the movie
 
Bed Making ( Introduction, Purpose, Types, Articles, Scientific principles, N...
Bed Making ( Introduction, Purpose, Types, Articles, Scientific principles, N...Bed Making ( Introduction, Purpose, Types, Articles, Scientific principles, N...
Bed Making ( Introduction, Purpose, Types, Articles, Scientific principles, N...
 
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) CurriculumPhilippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
Philippine Edukasyong Pantahanan at Pangkabuhayan (EPP) Curriculum
 
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptxBeyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
Beyond Degrees - Empowering the Workforce in the Context of Skills-First.pptx
 
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdfবাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
বাংলাদেশ অর্থনৈতিক সমীক্ষা (Economic Review) ২০২৪ UJS App.pdf
 
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptxPrésentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
Présentationvvvvvvvvvvvvvvvvvvvvvvvvvvvv2.pptx
 
BBR 2024 Summer Sessions Interview Training
BBR  2024 Summer Sessions Interview TrainingBBR  2024 Summer Sessions Interview Training
BBR 2024 Summer Sessions Interview Training
 
The History of Stoke Newington Street Names
The History of Stoke Newington Street NamesThe History of Stoke Newington Street Names
The History of Stoke Newington Street Names
 
Walmart Business+ and Spark Good for Nonprofits.pdf
Walmart Business+ and Spark Good for Nonprofits.pdfWalmart Business+ and Spark Good for Nonprofits.pdf
Walmart Business+ and Spark Good for Nonprofits.pdf
 
ZK on Polkadot zero knowledge proofs - sub0.pptx
ZK on Polkadot zero knowledge proofs - sub0.pptxZK on Polkadot zero knowledge proofs - sub0.pptx
ZK on Polkadot zero knowledge proofs - sub0.pptx
 
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
BÀI TẬP BỔ TRỢ TIẾNG ANH 8 CẢ NĂM - GLOBAL SUCCESS - NĂM HỌC 2023-2024 (CÓ FI...
 
How to Create a More Engaging and Human Online Learning Experience
How to Create a More Engaging and Human Online Learning Experience How to Create a More Engaging and Human Online Learning Experience
How to Create a More Engaging and Human Online Learning Experience
 
Wound healing PPT
Wound healing PPTWound healing PPT
Wound healing PPT
 

ACC 291 Final Exam

  • 1. ACC 291 Final Exam /Correct Answers Click here to get Answers 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. 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. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period? 3) Intangible assets 4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that 5) The book value of an asset is equal to the 6) Gains on an exchange of plant assets that has commercial substance are 7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as 8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as 9) When an interest-bearing note matures, the balance in the Notes Payable account is 10) The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be ACC 291 Final Exam 11) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%? 12) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011. Each January the company is required to pay $75,000 on the note. How will this note be reported on the December 31, 2012 balance sheet? 13) A corporation issued $600,000, 10%, 5-year bonds on January 1, 2011 for 648,666, which reflects an effective-interest rate of 8%. Interest is paid semiannually on January 1 and July 1. 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. 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. The board of directors declares and pays a $45,000 dividend in 2011.
  • 2. 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. Using the direct method of reporting cash flows from operating activities, acc 291 final exam what were Marsh's cash payments for operating expenses? 22) Where would the event purchased land for cash appear, if at all, on the indirect statement of cash flows? ACC 291 Final Exam 23) In performing a vertical analysis, the base for cost of goods sold is 24) Blanco, Inc. has the following income statement (in millions): BLANCO, INC. Income Statement For the Year Ended December 31, 2011 Net Sales .............................. $200 Cost of Goods Sold .............................. 120 Gross Profit .............................. 80 Operating Expenses .............................. 44 Net Income .............................. $ 36 Using vertical analysis, what percentage is assigned to Net Income? 25) 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? 26) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. acc291 final exam. The entry to record the sale includes a 27) Which of the following is a fundamental factor in having an effective, ethical corporate culture? 28) Two individuals at a retail store work the same cash register. You evaluate this situation as 29) The Sarbanes-Oxley Act imposed which new penalty for executives? 30) 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