The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, book value of assets, accounting for bonds payable, accounting for treasury stock transactions, and components of an effective corporate culture. The questions are part of an online accounting tutorial with clickable answer keys.
1. The Sarbanes-Oxley Act requires publicly traded companies to maintain internal controls to safeguard assets.
2. The purchase of treasury stock decreases the number of shares outstanding.
3. Using the direct method, Marsh Company's cash payments for operating expenses would be $232,000.
Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, calculating interest on notes payable, accounting for bonds payable, analyzing financial statements, accounting for treasury stock transactions, and internal controls. The questions cover a wide range of introductory financial accounting topics.
Acc 280 final exam 11) on june 1, 2008, leno inc. buys a copier machine for i...Mishi Linkon
This document contains 63 multiple choice questions that appear to be from an accounting final exam. It covers topics like the accounting cycle, financial statements, debits and credits, adjusting entries, and generally accepted accounting principles. Key topics assessed include identifying the stages of the accounting process, journalizing and posting transactions, preparing financial statements, and understanding basic accounting concepts and terminology. The document also provides a link claiming to have the answers to the exam questions.
Acc 280 final exam 7) which of the following financial statements is a point ...Mishi Linkon
This document contains 63 multiple choice questions that appear to be from an accounting final exam. It covers topics like the accounting cycle, financial statements, debits and credits, adjusting entries, and generally accepted accounting principles. Key details assessed include the steps in the accounting process, how accounts are affected by debits and credits, differences between bookkeeping and accounting, and standards set by groups like the FASB. The document also provides a link claiming to have answers to the exam questions.
Acc 280 final exam 4) the private sector organization involved in developing ...Mishi Linkon
1. The document provides a 30 question multiple choice quiz on accounting concepts and the accounting cycle.
2. Key areas covered in the quiz include the difference between bookkeeping and accounting, the steps in the accounting cycle from recording transactions to preparing financial statements, adjusting entries, preparing a post-closing trial balance, and closing entries.
3. The document claims to provide answers to the quiz questions and links to a website for the answers.
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, stockholders' equity, and internal controls. The questions cover a wide range of introductory financial accounting topics tested on principles of accounting exams.
1. The Sarbanes-Oxley Act requires publicly traded companies to maintain internal controls to safeguard assets.
2. The purchase of treasury stock decreases the number of shares outstanding.
3. Using the direct method, Marsh Company's cash payments for operating expenses would be $232,000.
Acc 291 final exam18 manner inc has 5000 shares of 5% $100 par value noncumul...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, calculating interest on notes payable, accounting for bonds payable, analyzing financial statements, accounting for treasury stock transactions, and internal controls. The questions cover a wide range of introductory financial accounting topics.
Acc 280 final exam 11) on june 1, 2008, leno inc. buys a copier machine for i...Mishi Linkon
This document contains 63 multiple choice questions that appear to be from an accounting final exam. It covers topics like the accounting cycle, financial statements, debits and credits, adjusting entries, and generally accepted accounting principles. Key topics assessed include identifying the stages of the accounting process, journalizing and posting transactions, preparing financial statements, and understanding basic accounting concepts and terminology. The document also provides a link claiming to have the answers to the exam questions.
Acc 280 final exam 7) which of the following financial statements is a point ...Mishi Linkon
This document contains 63 multiple choice questions that appear to be from an accounting final exam. It covers topics like the accounting cycle, financial statements, debits and credits, adjusting entries, and generally accepted accounting principles. Key details assessed include the steps in the accounting process, how accounts are affected by debits and credits, differences between bookkeeping and accounting, and standards set by groups like the FASB. The document also provides a link claiming to have answers to the exam questions.
Acc 280 final exam 4) the private sector organization involved in developing ...Mishi Linkon
1. The document provides a 30 question multiple choice quiz on accounting concepts and the accounting cycle.
2. Key areas covered in the quiz include the difference between bookkeeping and accounting, the steps in the accounting cycle from recording transactions to preparing financial statements, adjusting entries, preparing a post-closing trial balance, and closing entries.
3. The document claims to provide answers to the quiz questions and links to a website for the answers.
Acc 291 final exam11 if a corporation issued $3000000 in bonds which pay 10% ...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, stockholders' equity, and internal controls. The questions cover a wide range of introductory financial accounting topics tested on principles of accounting exams.
This document provides a 30-question multiple choice exam guide for ACC 291 at UOP. It tests concepts related to financial accounting, including recording bad debts, intangible assets, bonds, stock, treasury stock, cash flows, and analysis of financial statements. It also includes questions about the Sarbanes-Oxley Act and internal controls. The guide provides the questions, multiple choice answers, and identifies the key topics being assessed.
This document provides a 30 question multiple choice practice exam for ACC 291. It covers topics like accounting for bad debts, book value of assets, accounting for bonds, stockholders equity, treasury stock transactions, and cash flow statements. It also includes questions about the Sarbanes-Oxley Act regarding internal controls and penalties for executives.
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 ...
The document contains 30 multiple choice questions related to accounting concepts. The questions cover topics such as the Sarbanes-Oxley Act requirements, internal controls, preparing statements of cash flows, analyzing financial statements, accounting for investments, accounting for bonds and notes payable, accounting for stockholders' equity, accounting for dividends, and accounting for treasury stock transactions.
This document provides 30 multiple choice questions that appear to be from a final exam on accounting topics. The questions cover a range of concepts including recording bad debts expense, accounting for intangible assets, accounting for notes payable, accounting for bonds payable, accounting for stockholders equity, preparing financial statements, and internal controls.
This document contains 30 multiple choice questions that appear to be from an ACC 291 final exam, along with the link to an online solution key. The questions cover topics like accounting for bad debts, intangible assets, bonds, stockholders' equity, treasury stock, cash flow statements, and internal controls.
This document provides 30 multiple choice questions related to accounting principles and concepts covered in ACC 291. The questions cover topics such as recording bad debts expense, calculating intangible assets, book value, capital expenditures, notes payable, bonds payable, stock transactions, cash flow statements, and corporate governance/compliance.
This document provides the questions and multiple choice answers to the ACC/291 Final Exam. There are 30 multiple choice questions covering topics like the Sarbanes-Oxley Act, internal controls, analyzing financial statements, accounting for assets and liabilities, accounting for stock transactions, and accounting for bonds. The questions assess understanding of concepts in financial accounting.
Acc 291 final exam26 andrews inc paid $45000 to buy back 9000 shares of its $...Mishi Linkon
The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, intangible assets, bonds, stockholders' equity, and corporate culture. They provide an accounting tutorial and test for understanding of basic financial accounting concepts.
Acc 291 final exam25 dawson company issued 500 shares of no par common stock ...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, calculating interest on notes payable, accounting for bonds payable, analyzing financial statements, accounting for treasury stock transactions, and internal controls. The questions cover a wide range of introductory financial accounting topics.
Acc 291 final exam24 blanco inc has the following income statement in millionsMishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, stockholders' equity, and internal controls. The questions cover a wide range of introductory financial accounting topics tested on principles of accounting exams.
Acc 291 final exam23 in performing a vertical analysis the base for cost of g...Mishi Linkon
The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, book value of assets, accounting for bonds payable, accounting for treasury stock transactions, and preparing financial statements.
Acc 291 final exam21 marsh company has other operating expenses of $240000 th...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, dividends, treasury stock, income statements, internal controls, and the Sarbanes-Oxley Act. It provides the questions along with a link to view the answers. The questions cover a wide range of introductory financial accounting topics tested on exams.
Acc 291 final exam20 the purchase of treasury stockMishi Linkon
The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, book value of assets, accounting for bonds payable, accounting for treasury stock transactions, and preparing financial statements.
Acc 291 final exam19 when the selling price of treasury stock is greater than...Mishi Linkon
The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, book value of assets, accounting for bonds payable, accounting for treasury stock transactions, and preparing financial statements.
Acc 291 final exam17 abc inc has 1000 shares of 5% $100 par value cumulative ...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, calculating interest on notes payable, accounting for bonds payable, analyzing financial statements, accounting for treasury stock transactions, and internal controls. The questions cover a wide range of introductory financial accounting topics.
Acc 291 final exam16 capital stock to which the charter has assigned a value ...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, stockholders' equity, and internal controls. The questions cover a wide range of introductory financial accounting topics tested on principles of accounting exams.
Acc 291 final exam15 if a corporation has only one class of stock it is refer...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, dividends, treasury stock, income statements, internal controls, and the Sarbanes-Oxley Act. It provides the questions along with a link to view the answers. The questions cover a wide range of topics within financial accounting.
Acc 291 final exam12 hilton company issued a four year interest-bearing note ...Mishi Linkon
The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, book value of assets, accounting for bonds payable, accounting for treasury stock transactions, and components of an effective corporate culture. The questions are part of an online accounting tutorial aimed at testing and strengthening understanding of fundamental accounting concepts.
Acc 291 final exam10 the interest charged on a $200000 note payable at a rate...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, calculating interest on notes payable, accounting for bonds payable, analyzing financial statements, accounting for treasury stock transactions, and internal controls. The questions cover a wide range of introductory financial accounting topics.
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This document provides a 30-question multiple choice exam guide for ACC 291 at UOP. It tests concepts related to financial accounting, including recording bad debts, intangible assets, bonds, stock, treasury stock, cash flows, and analysis of financial statements. It also includes questions about the Sarbanes-Oxley Act and internal controls. The guide provides the questions, multiple choice answers, and identifies the key topics being assessed.
This document provides a 30 question multiple choice practice exam for ACC 291. It covers topics like accounting for bad debts, book value of assets, accounting for bonds, stockholders equity, treasury stock transactions, and cash flow statements. It also includes questions about the Sarbanes-Oxley Act regarding internal controls and penalties for executives.
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 ...
The document contains 30 multiple choice questions related to accounting concepts. The questions cover topics such as the Sarbanes-Oxley Act requirements, internal controls, preparing statements of cash flows, analyzing financial statements, accounting for investments, accounting for bonds and notes payable, accounting for stockholders' equity, accounting for dividends, and accounting for treasury stock transactions.
This document provides 30 multiple choice questions that appear to be from a final exam on accounting topics. The questions cover a range of concepts including recording bad debts expense, accounting for intangible assets, accounting for notes payable, accounting for bonds payable, accounting for stockholders equity, preparing financial statements, and internal controls.
This document contains 30 multiple choice questions that appear to be from an ACC 291 final exam, along with the link to an online solution key. The questions cover topics like accounting for bad debts, intangible assets, bonds, stockholders' equity, treasury stock, cash flow statements, and internal controls.
This document provides 30 multiple choice questions related to accounting principles and concepts covered in ACC 291. The questions cover topics such as recording bad debts expense, calculating intangible assets, book value, capital expenditures, notes payable, bonds payable, stock transactions, cash flow statements, and corporate governance/compliance.
This document provides the questions and multiple choice answers to the ACC/291 Final Exam. There are 30 multiple choice questions covering topics like the Sarbanes-Oxley Act, internal controls, analyzing financial statements, accounting for assets and liabilities, accounting for stock transactions, and accounting for bonds. The questions assess understanding of concepts in financial accounting.
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Acc 291 final exam26 andrews inc paid $45000 to buy back 9000 shares of its $...Mishi Linkon
The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, intangible assets, bonds, stockholders' equity, and corporate culture. They provide an accounting tutorial and test for understanding of basic financial accounting concepts.
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The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, calculating interest on notes payable, accounting for bonds payable, analyzing financial statements, accounting for treasury stock transactions, and internal controls. The questions cover a wide range of introductory financial accounting topics.
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The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, stockholders' equity, and internal controls. The questions cover a wide range of introductory financial accounting topics tested on principles of accounting exams.
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The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, dividends, treasury stock, income statements, internal controls, and the Sarbanes-Oxley Act. It provides the questions along with a link to view the answers. The questions cover a wide range of introductory financial accounting topics tested on exams.
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The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, calculating interest on notes payable, accounting for bonds payable, analyzing financial statements, accounting for treasury stock transactions, and internal controls. The questions cover a wide range of introductory financial accounting topics.
Acc 291 final exam16 capital stock to which the charter has assigned a value ...Mishi Linkon
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Acc 291 final exam15 if a corporation has only one class of stock it is refer...Mishi Linkon
The document contains 30 multiple choice questions about accounting concepts and principles such as recording bad debts expense, book value of assets, accounting for bonds payable, dividends, treasury stock, income statements, internal controls, and the Sarbanes-Oxley Act. It provides the questions along with a link to view the answers. The questions cover a wide range of topics within financial accounting.
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The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, book value of assets, accounting for bonds payable, accounting for treasury stock transactions, and components of an effective corporate culture. The questions are part of an online accounting tutorial aimed at testing and strengthening understanding of fundamental accounting concepts.
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The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, intangible assets, bonds, stockholders' equity, and corporate culture. The questions are part of an online accounting tutorial with clickable answer keys.
Acc 291 final exam2 using the percentage of receivables method for recording ...Mishi Linkon
The document contains 27 multiple choice questions about accounting concepts and principles. The questions cover topics such as recording bad debts expense, book value of assets, accounting for bonds payable, accounting for treasury stock transactions, and components of an effective corporate culture. The questions are part of an online accounting tutorial with clickable answer keys.
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Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
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The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
BIHC Briefing June 2024 from Bank+Insurance Hybrid Capital in association wit...
Acc 291 final exam14 when the effective interest method of bond discount amortization is used
1. Acc 291
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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
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2. 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
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3. 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 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
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%?
A. $3,000,000
B. $90,000
C. $300,000
D. $210,000
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?
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.
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4. D. Long-term debt, $225,000; Long-term debt due within one year, $75,000.
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
A. $30,000
B. $24,000
C. $32,434
D. $25,946
14) 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
15) 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
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16) Capital stock to which the charter has assigned a value per share is called
A. par value stock
B. no-par value stock
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5. C. stated value stock
D. assigned value stock
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?
A. $50 per share
B. $5,000 in total
C. $500 in total
D. $.50 per share
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. 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
19) 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
20) The purchase of treasury stock
A. decreases common stock authorized
B. decreases common stock issued
C. decreases common stock outstanding
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6. D. has no effect on common stock outstanding
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, what were Marsh's cash
payments for operating expenses?
A. $228,000
B. $232,000
C. $200,000
D. $280,000
22) 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
23) 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
24) Blanco, Inc. has the following income statement (in millions):
BLANCO, INC.
Income Statement
For the Year Ended December 31, 2011
Net Sales .............................. $200
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7. 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%
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?
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
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8. 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. 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
27) 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
28) 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
29) 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
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
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9. A.safeguard assets
B.monitor balance sheets
C.control liabilities
D.evaluate capital stock
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