This document provides sample questions that may appear on the ACC 541 Midterm Exam at UOP (University of Phoenix). It includes questions related to accounting principles, relevance, the difference between the accounting process and cycle, interest rate tables, journal entries for inventory valuation, reasons for using historical cost, accounting for patents, current liabilities, bond valuation using effective interest amortization, and LIFO inventory layers. The document provides a link to additional study materials and practice questions for the ACC 541 exam.

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Question 21 Generally accepted accounting
principles
Question 47 Which of the following does not relate
to relevance?
Question 34 The difference between the
accounting process and the accounting cycle is
Question 28 Which of the following tables would
show the smallest value for an interest rate of 5%
for six periods?

2. Question 43 In 2017, Orear Manufacturing signed
a contract with a supplier to purchase raw
materials in 2018 for $700,000. Before the
December 31, 2017 balance sheet date, the market
price for these materials dropped to $510,000. The
journal entry to record this situation at December
31, 2017 will result in a credit that should be
reported
Question 30 Historical cost is the basis advocated
for recording the acquisition of property, plant,
and equipment for all of the following reasons
except
Question 39 Broadway Corporation was granted a
patent on a product on January 1, 2007. To protect
its patent, the corporation purchased on January 1,
2018 a patent on a competing product which was
originally issued on January 10, 2014. Because of
its unique plant, Broadway Corporation does not
feel the competing patent can be used in producing
the product. The cost of the competing patent
should be
Question 32 An account which would be classified
as a current liability is
Question 68 A company issues $15,000,000, 7.8%,
20-year bonds to yield 8% on January 1, 2017.

3. Interest is paid on June 30 and December 31. The
proceeds from the bonds are $14,703,108. Using
effective-interest amortization, what will the
carrying value of the bonds be on the December
31, 2017 balance sheet?
Question 41 A company that uses the last-in, first-
out (LIFO) method of inventory pricing finds at an
interim reporting date that there has been a
partial liquidation of the base period inventory
layer. The decline is considered temporary and the
partial liquidation is expected to be recovered
prior to year-end. The amount shown as inventory
at the interim reporting date should