This document contains an ACC 291 final exam with 30 multiple choice questions covering topics in accounting such as internal controls, treasury stock, cash flow statements, financial statement analysis, bonds, stockholders' equity, and dividends. The exam tests understanding of concepts, calculations, journal entries, and accounting treatments.
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Customer support is very important to us. Please use our online chat system in case you have any questions. Also, you can email them to us at homeworkmye@gmail.com. We will do our best to answer you!
acc 291 new,uopacc 291 new,uopacc 291 new complete course,uopacc 291 new entire course,uopacc 291 new week 1,uop acc 291 new week2,uop acc 291 new week 3,uop acc 291 new week 4,uop acc 291 new week 5,uop acc 291 new tutorials,uopacc 291 new assignments,uopacc 291 newhelp
This session describes the advent of the ironclads and the iconic battle of the Monitor and the Virginia (formerly the USS Merrimack). Also the CSS Hunley, the first submarine to sink an enemy warship.
Lição_932016_ Jesus ministrava às necessidades das pessoas_GGRGerson G. Ramos
A lição original com os textos bíblicos tem como finalidade; facilitar a leitura ou mesmo o estudo, os versos estão na sequência correta, evitando a necessidade de procurá-los, o que agiliza, para os que tem o tempo limitado, vc pode levá-la no ipad, no pendrive, celular e etc, ler a qualquer momento e em qualquer lugar que desejar, até sem a necessidade de estar conectado na internet.
Que... “Deus tenha misericórdia de nós e nós abençoe; e faça resplandecer o seu rosto sobre nós. Para que se conheça na terra o teu caminho, e em todas as nações a tua salvação”. Sal. 67:1-2.
Bom Estudo!
Maximum CPU utilization obtained with multiprogramming
CPU–I/O Burst Cycle – Process execution consists of a cycle of CPU execution and I/O wait
CPU burst followed by I/O burst
CPU burst distribution is of main concern
Efésios 4
10) Aquele que desceu é o mesmo que semelhantemente subiu muito além de todos os céus, para preencher tudo o que existe.
11) Assim, Ele designou alguns para apóstolos, outros para profetas, outros para evangelistas e outros para pastores e mestres,
12) com o propósito de aperfeiçoar os santos para a obra do ministério, para que o Corpo de Cristo seja edificado,
1) Hahn Company uses the percentage of sales method for recording .docxdorishigh
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?
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
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?
A.
$15,000
B.
$12,000
C.
$18,000
D.
$8,000
3) Intangible assets
A.
should be reported under the heading Property, Plant, and Equipment
B.
should be reported as a separate classification on the balance sheet
C.
should be reported as Current Assets on the balance sheet
D.
are not reported on the balance sheet because they lack physical substance
4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that
A.
must be generated internally
B.
are depletable natural resources
C.
do not have physical substance
D.
have been exchanged at a gain
5) The book value of an asset is equal to the
A.
asset’s market value less its historic cost
B.
blue book value relied on by secondary markets
C.
replacement cost of the asset
D.
asset’s cost less accumulated depreciation
6) 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
7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as
A.
capital expenditures
B.
expense expenditures
C.
improvements
D.
revenue expenditures
8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as
A.
capital expenditures
B.
expense expenditures
C.
ordinary repairs
D.
revenue expenditures
9) When an interest-bearing note matures, the balance in the Notes Payable account is
A.
less than the total amount repaid by the borrower
B.
the difference between the maturity value of the note and the face value of the note
C.
equal to the total amount repaid by the owner
D.
greater than the total amount repaid by the owner
10) The interest charged on a $200,000 ...
This session describes the advent of the ironclads and the iconic battle of the Monitor and the Virginia (formerly the USS Merrimack). Also the CSS Hunley, the first submarine to sink an enemy warship.
Lição_932016_ Jesus ministrava às necessidades das pessoas_GGRGerson G. Ramos
A lição original com os textos bíblicos tem como finalidade; facilitar a leitura ou mesmo o estudo, os versos estão na sequência correta, evitando a necessidade de procurá-los, o que agiliza, para os que tem o tempo limitado, vc pode levá-la no ipad, no pendrive, celular e etc, ler a qualquer momento e em qualquer lugar que desejar, até sem a necessidade de estar conectado na internet.
Que... “Deus tenha misericórdia de nós e nós abençoe; e faça resplandecer o seu rosto sobre nós. Para que se conheça na terra o teu caminho, e em todas as nações a tua salvação”. Sal. 67:1-2.
Bom Estudo!
Maximum CPU utilization obtained with multiprogramming
CPU–I/O Burst Cycle – Process execution consists of a cycle of CPU execution and I/O wait
CPU burst followed by I/O burst
CPU burst distribution is of main concern
Efésios 4
10) Aquele que desceu é o mesmo que semelhantemente subiu muito além de todos os céus, para preencher tudo o que existe.
11) Assim, Ele designou alguns para apóstolos, outros para profetas, outros para evangelistas e outros para pastores e mestres,
12) com o propósito de aperfeiçoar os santos para a obra do ministério, para que o Corpo de Cristo seja edificado,
1) Hahn Company uses the percentage of sales method for recording .docxdorishigh
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?
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
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?
A.
$15,000
B.
$12,000
C.
$18,000
D.
$8,000
3) Intangible assets
A.
should be reported under the heading Property, Plant, and Equipment
B.
should be reported as a separate classification on the balance sheet
C.
should be reported as Current Assets on the balance sheet
D.
are not reported on the balance sheet because they lack physical substance
4) Intangible assets are the rights and privileges that result from ownership of long-lived assets that
A.
must be generated internally
B.
are depletable natural resources
C.
do not have physical substance
D.
have been exchanged at a gain
5) The book value of an asset is equal to the
A.
asset’s market value less its historic cost
B.
blue book value relied on by secondary markets
C.
replacement cost of the asset
D.
asset’s cost less accumulated depreciation
6) 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
7) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as
A.
capital expenditures
B.
expense expenditures
C.
improvements
D.
revenue expenditures
8) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as
A.
capital expenditures
B.
expense expenditures
C.
ordinary repairs
D.
revenue expenditures
9) When an interest-bearing note matures, the balance in the Notes Payable account is
A.
less than the total amount repaid by the borrower
B.
the difference between the maturity value of the note and the face value of the note
C.
equal to the total amount repaid by the owner
D.
greater than the total amount repaid by the owner
10) The interest charged on a $200,000 ...
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
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ACC 291 Final Exam 100% Correct
1.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
2. 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
3. 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, what were Marsh's cash payments for operating expenses?
A. $228,000
B. $232,000
C. $200,000
D. $280,000
4. In performing a vertical analysis, the base for cost of goods sold is
A. total selling expenses
B. net sales
C. total revenues
D. total expense
5. 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?
A. 100%
B. 82%
C. 18%
D. 25%
6. Where would the event purchased land for cash appear, if at all, on the indirect statement of cash flows?
A. Operating activities section
2. B. Investing activities section
C. Financing activities section
D. Does not represent a cash flow
7. 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
8. 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. The entry to record the sale includes a
A. credit to Paid-In Capital from Treasury Stock for $9,000
B. credit to Retained Earnings for $9,000
C. debit to Pain-In Capital from Treasury Stock for $45,000
D. debit to Retained Earnings for $45,000
9. 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
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. 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.
3. 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
13. 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?
A. $15,000
B. $12,000
C. $18,000
D. $8,000
14. Intangible assets
A. should be reported under the heading Property, Plant, and Equipment
B. should be reported as a separate classification on the balance sheet
C. should be reported as Current Assets on the balance sheet
D. are not reported on the balance sheet because they lack physical substance
15. Intangible assets are the rights and privileges that result from ownership of long-lived assets that
A. must be generated internally
B. are depletable natural resources
C. do not have physical substance
D. have been exchanged at a gain
16. The book value of an asset is equal to the
A. asset’s market value less its historic cost
B. blue book value relied on by secondary markets
C. replacement cost of the asset
D. asset’s cost less accumulated depreciation
17. 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
18. Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as
A. capital expenditures
B. expense expenditures
C. improvements
D. revenue expenditures
19. When an interest-bearing note matures, the balance in the Notes Payable account is
4. A. less than the total amount repaid by the borrower
B. the difference between the maturity value of the note and the face value of the note
C. equal to the total amount repaid by the owner
D. greater than the total amount repaid by the owner
20. The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be
A. $12,000
B. $6,000
C. $3,000
D. $2,000
21. Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as
A. capital expenditures
B. expense expenditures
C. ordinary repairs
D. revenue expenditures
22. 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%?
A. $3,000,000
B. $90,000
C. $300,000
D. $210,000
23. 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?
A. Long-term debt, $300,000.
B. Long-term debt, $225,000.
C. Long-term debt, $150,000; Long-term debt due within one year, $75,000.
D. Long-term debt, $225,000; Long-term debt due within one year, $75,000.
24. 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
A. $30,000
B. $24,000
C. $32,434
D. $25,946
25. When the effective-interest method of bond discount amortization is used
A. the applicable interest rate used to compute interest expense is the prevailing market interest rate on the date of
each interest payment date
B. 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
26. If a corporation has only one class of stock, it is referred to as
A. classless stock
B. preferred stock
C. solitary stock
5. D. common stock
27. 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
28. 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?
A. $50 per share
B. $5,000 in total
C. $500 in total
D. $.50 per share
29. 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
30. When the selling price of treasury stock is greater than its cost, the company credits the difference to
A. Gain on Sale of Treasury Stock
B. Paid-in Capital from Treasury Stock
C. Paid-in Capital in Excess of Par Value
D. Treasury Stock
1.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
2. 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
3. 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, what were Marsh's cash payments for operating expenses?
A. $228,000
B. $232,000
C. $200,000
D. $280,000
4. In performing a vertical analysis, the base for cost of goods sold is
6. A. total selling expenses
B. net sales
C. total revenues
D. total expense
5. 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?
A. 100%
B. 82%
C. 18%
D. 25%
6. Where would the event purchased land for cash appear, if at all, on the indirect statement of cash flows?
A. Operating activities section
B. Investing activities section
C. Financing activities section
D. Does not represent a cash flow
7. 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
8. 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. The entry to record the sale includes a
A. credit to Paid-In Capital from Treasury Stock for $9,000
B. credit to Retained Earnings for $9,000
C. debit to Pain-In Capital from Treasury Stock for $45,000
7. D. debit to Retained Earnings for $45,000
9. 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
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. 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
13. 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?
A. $15,000
B. $12,000
C. $18,000
D. $8,000
14. Intangible assets
A. should be reported under the heading Property, Plant, and Equipment
B. should be reported as a separate classification on the balance sheet
C. should be reported as Current Assets on the balance sheet
D. are not reported on the balance sheet because they lack physical substance
15. Intangible assets are the rights and privileges that result from ownership of long-lived assets that
8. A. must be generated internally
B. are depletable natural resources
C. do not have physical substance
D. have been exchanged at a gain
16. The book value of an asset is equal to the
A. asset’s market value less its historic cost
B. blue book value relied on by secondary markets
C. replacement cost of the asset
D. asset’s cost less accumulated depreciation
17. 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
18. Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as
A. capital expenditures
B. expense expenditures
C. improvements
D. revenue expenditures
19. When an interest-bearing note matures, the balance in the Notes Payable account is
A. less than the total amount repaid by the borrower
B. the difference between the maturity value of the note and the face value of the note
C. equal to the total amount repaid by the owner
D. greater than the total amount repaid by the owner
20. The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be
A. $12,000
B. $6,000
C. $3,000
D. $2,000
21. Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as
A. capital expenditures
B. expense expenditures
C. ordinary repairs
D. revenue expenditures
22. 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%?
A. $3,000,000
B. $90,000
C. $300,000
D. $210,000
23. 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?
A. Long-term debt, $300,000.
9. B. Long-term debt, $225,000.
C. Long-term debt, $150,000; Long-term debt due within one year, $75,000.
D. Long-term debt, $225,000; Long-term debt due within one year, $75,000.
24. 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
A. $30,000
B. $24,000
C. $32,434
D. $25,946
25. When the effective-interest method of bond discount amortization is used
A. the applicable interest rate used to compute interest expense is the prevailing market interest rate on the date of
each interest payment date
B. 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
26. If a corporation has only one class of stock, it is referred to as
A. classless stock
B. preferred stock
C. solitary stock
D. common stock
27. 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
28. 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?
A. $50 per share
B. $5,000 in total
C. $500 in total
D. $.50 per share
29. 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
30. When the selling price of treasury stock is greater than its cost, the company credits the difference to
A. Gain on Sale of Treasury Stock
B. Paid-in Capital from Treasury Stock
C. Paid-in Capital in Excess of Par Value