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 aimed at testing students' understanding of fundamental accounting concepts.
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 280 final exam 26) working capital is.docxMishi 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 280 final exam 2) bookkeeping differs from accounting in that bookkeeping...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 280 final exam 9) an account will have a credit balance if the.docxMishi 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 280 final exam 6) the four primary financial statements are.docxMishi 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 accounting equation, adjusting entries, preparing financial statements, and closing entries.
3. The document claims to provide answers to the quiz questions and links to a website for the answers.
28 two individuals at a retail store work the same cash register you evaluate...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 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.
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 280 final exam 26) working capital is.docxMishi 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 280 final exam 2) bookkeeping differs from accounting in that bookkeeping...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 280 final exam 9) an account will have a credit balance if the.docxMishi 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 280 final exam 6) the four primary financial statements are.docxMishi 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 accounting equation, adjusting entries, preparing financial statements, and closing entries.
3. The document claims to provide answers to the quiz questions and links to a website for the answers.
28 two individuals at a retail store work the same cash register you evaluate...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 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.
Acc 280 final exam 16) can financial statements be prepared directly from the...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 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 exam9 when an interest bearing note matures the balance in the ...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. The questions are part of an online accounting tutorial aimed at testing students' understanding of fundamental accounting concepts.
Acc 280 final exam 25) profit margin is a measure of.docxMishi 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 280 final exam 14) a $2,000 advance payment for a 1 year insurance is rec...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 9) an account will have a credit balance if the.docxMishi 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 280 final exam 22) which of the following is a balance sheet account.docxMishi 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 28) having one person post entries to accounts receivable ...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 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.
Acc 280 final exam 12) posting of journal entries should be done in.docxMishi 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 accounting equation, adjusting entries, preparing financial statements, and closing entries.
3. The document claims to provide answers to the quiz questions and links to a website offering online accounting tutoring.
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 280 final exam 30) the entity responsible for setting international accou...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 accounting equation, journal entries, adjusting entries, financial statements, and closing entries.
3. The document claims to provide answers to the quiz questions and links to a blog with additional accounting resources.
Acc 280 final exam 24) in preparing closing entries,.docxMishi 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.
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.
Acc 280 final exam 16) can financial statements be prepared directly from the...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 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 exam9 when an interest bearing note matures the balance in the ...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. The questions are part of an online accounting tutorial aimed at testing students' understanding of fundamental accounting concepts.
Acc 280 final exam 25) profit margin is a measure of.docxMishi 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 280 final exam 14) a $2,000 advance payment for a 1 year insurance is rec...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 9) an account will have a credit balance if the.docxMishi 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 280 final exam 22) which of the following is a balance sheet account.docxMishi 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 28) having one person post entries to accounts receivable ...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 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.
Acc 280 final exam 12) posting of journal entries should be done in.docxMishi 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 accounting equation, adjusting entries, preparing financial statements, and closing entries.
3. The document claims to provide answers to the quiz questions and links to a website offering online accounting tutoring.
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 280 final exam 30) the entity responsible for setting international accou...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 accounting equation, journal entries, adjusting entries, financial statements, and closing entries.
3. The document claims to provide answers to the quiz questions and links to a blog with additional accounting resources.
Acc 280 final exam 24) in preparing closing entries,.docxMishi 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.
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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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.
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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 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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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. 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 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.
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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 topics within financial accounting.
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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 for undergraduate students.
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This document provides a list of 29 multiple choice questions related to accounting concepts such as financial statements, inventory costing methods, internal controls, and Sarbanes-Oxley Act. It directs the reader to an external link to find the answers to the questions. The questions cover topics like determining cash from operations, inventory valuation methods, cost of goods sold, and internal control responsibilities.
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Acc 291 final exam7 ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as
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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