This website uses cookies to ensure you have the best experience. Learn more

Acc 291 Final Exam Question Answers

2586 words - 11 pages

ACC 291 Final Exam Question Answers

Multiple Choice Question 86
An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a
• debit to Bad Debt Expense for $4,500.
• debit to Bad Debt Expense for $3,300.
• credit to Allowance for Doubtful Accounts for $4,500.
• debit to Allowance for Doubtful Accounts for $3,300.

Multiple Choice Question 182
The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of ...view middle of the document...

What is the depreciation expense for year 2 under the double-declining-balance method of depreciation?
• $38,400.
• $48,000.
• $23,040.
• $28,800.

IFRS Multiple Choice Question 01
As a recent graduate of State University you're aware that IFRS requires component depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation?
• The method that requires that significant parts of a plant asset with different useful lives be depreciated separately.
• The method used to ensure that the depreciation rate remains constant from year to year.
• The method used to prorate annual depreciation on a time basis.
• The method of depreciation recommended for an asset that is expected to be significantly more productive in the first half of its useful life.

Want to see the Entire Course Assignment..?? Click UOP ACC 291 Individual Assignments

Multiple Choice Question 146
Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price of
• $292,500.
• $291,075.
• $291,750.
• $291,006.

Multiple Choice Question 188
Sparks Company received proceeds of $423,000 on 10-year, 8% bonds issued on January 1, 2013. The bonds had a face value of $400,000, pay interest annually on December 31st, and have a call price of 102. Sparks uses the straight-line method of amortization. What is the carrying value of the bonds on January 1, 2015?
• $400,000
• $420,700
• $418,400
• $381,600

Want to check out the complete Assignment..?? Visit ACC 291

Multiple Choice Question 90
S. Lawyer performed legal services for E. Corp. Due to a cash shortage, an agreement was reached whereby E. Corp. would pay S. Lawyer a legal fee of approximately $15,000 by issuing 8,000 shares of its common stock (par $1). The stock trades on a daily basis and the market price of the stock on the day the debt was settled is $1.80 per share. Given this information, the best journal entry for E. Corp. to record for this transaction is
• Legal Expense 14,400
Common Stock 8,000
Paid-in Capital in Excess of Par - Common 6,400
• Legal Expense 15,000
Common Stock 15,000
• Legal Expense 15,000
Common Stock 8,000
Paid-in Capital in Excess of Par - Common 7,000
• Legal Expense 14,400
Common Stock 14,400

Multiple Choice Question 110
Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of a debit to Cash for $3,000,000 and a credit or credits to
• Preferred Stock for $2,500,000 and Paid-in Capital in Excess of Par Value—Preferred Stock for $500,000.
• Preferred Stock for $2,500,000 and Retained Earnings for $500,000.
• Paid-in Capital from Preferred Stock for $3,000,000.
• Preferred Stock for $3,000,000.

Want to check out the complete Final Exam...

Other Essays Like ACC 291 Final Exam Question Answers

Mkt 571 Final Exam Latest Question Answers

1387 words - 6 pages MKT 571 Final Exam Latest Question Answers 1. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company? • Technological • Political • Economic • Cultural 2. Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed. This is an

LAW 531 Final Exam Latest Question Answers

4462 words - 18 pages applications from people with qualifications better than the complainant's. • The employer rejected others with the same qualifications. Final Exam Answers just a click away LAW 531 Final Exam Question Answers 34. What is true about Title VII of the Civil Rights Act of 1964 in the context of gender discrimination? • It covers discrimination based on sexual orientation. • It does not prohibit discrimination based on

MGT 521 Final Exam Latest Question Answers

1990 words - 8 pages closely to setting these standards? • Controlling • Leading • Organizing • Planning Find the final exam answers here MGT 521 Final Exam 3. Budgets can be used as tools within which two functions of management? • Controlling and organizing • Planning and leading • Controlling and planning • Organizing and leading 4. Indira Patel has been working in her organization’s computer

Fin 370 Final Exam Question Answers Guide

1740 words - 7 pages . Complete Answers just a click away FIN 370 Week 5 Final Exam 25. Which of the following best describes why cash flows are utilized rather than accounting profits when evaluating capital projects? • Cash flows reflect the timing of benefits and costs more accurately than accounting profits. • Cash flows have a greater present value than accounting profits. • Cash flows improve the tax position of a firm more than accounting profits. • Cash flows

Fin 370 Final Exam Question Answers Guide

1740 words - 7 pages . Complete Answers just a click away FIN 370 Week 5 Final Exam 25. Which of the following best describes why cash flows are utilized rather than accounting profits when evaluating capital projects? • Cash flows reflect the timing of benefits and costs more accurately than accounting profits. • Cash flows have a greater present value than accounting profits. • Cash flows improve the tax position of a firm more than accounting profits. • Cash flows

Uop Business Law 531 Final Exam Question Answers

2271 words - 10 pages material fact. c) The officer made a reasonable investigation into the accuracy of the audited financial statements. d) The officer believed the financial statements did not omit or misstate a material fact. 6. _________ is the plaintiff’s voluntary consent to a known danger. a) Negligence per se b) Comparative negligence c) Assumption of risk d) Contributory negligence Complete paper here UOP Final Exam Answers

Acc 290 Final Exam

1732 words - 7 pages ACC 290 Final Exam 1) Which financial statement is used to determine cash generated from operations? A. Income statement B. Statement of operations C. Statement of cash flows D. Retained earnings statement 2) In terms of sequence, in what order must the four basic financial statements be prepared? A. Balance sheet, income statement, statement of cash flows, and capital statement B. Income statement, capital statement, statement of cash

Mgt 498 Final Exam Answers

1232 words - 5 pages Marcus • Saks • Sears, Roebuck, & Co. 12. Research suggests that strategic management evolves through four sequential phases in corporations. The first phase is • basic financial planning • internally-oriented planning • forecast-based planning • externally-oriented planning Find the final exam answers here MGT 498 Final Exam Question Answers 13. The sum total of the activities and choices required for the execution of a strategic plan is

Mkt 421 Final Exam Answers

2382 words - 10 pages plan. The answers to the multiple choice questions are drafted in a manner that the students instead of getting confused among the options, spot the correct answer by understanding the basic concepts of the market and marketing. MKT 421 final exam answers give the students an idea about apply logic to the real problems associated with the real world. It enables the students to think critically on the circumstances of life/work. The focus of

Acc 561 Final Exam Latest Uop Course Assignments

1723 words - 7 pages and cents. • Starting with the highest value down to the lowest value. • As a percent of the item in the previous year. Click here and download ACC 561 Final Exam Question Answers 41. Process costing is used when • The production process is continuous. • Costs are to be assigned to specific jobs. • Production is aimed at filling a specific customer order. • Dissimilar products are involved. 43. An important feature of a job order

STR 581 Capstone Final Examination Part One New Question Answers

1556 words - 7 pages , managers should • avoid the use of cross-functional teams • penalize mistakes • reinforce interdependence and reduce boundaries • increase the degree of departmentalization Click here to download Complete Answers of STR 581 Final Exam Question with Answer 28. During the implementation of a project, which of the following should be the primary focus of a consulting firm? • People management skills • Application

Related Papers

Uop Acc 291 Final Exam Answers

2455 words - 10 pages UOP ACC 291 Final Exam Answers Multiple Choice Question 86 An aging of a company's accounts receivable indicates that $4,500 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $1,200 credit balance, the adjustment to record bad debts for the period will require a • debit to Bad Debt Expense for $4,500. • debit to Bad Debt Expense for $3,300. • credit to Allowance for Doubtful Accounts for

Acc 291 Week 5 Final Exam 1

1296 words - 6 pages Product Description ACC 291 Sample Final Exam Question 207 On January 1, a machine with a useful life of five years and a residual value of $40,000 was purchased for $120,000. What is the depreciation expense for year 2 under the double-decl ACC 291 Week 5 Final Exam 1 ining-balance method of depreciation? IFRS Multiple Choice Question 01 As a recent graduate of State University you're aware that IFRS requires component

Acc 291 Final Exam Uop A+ Course Tutorial

2573 words - 11 pages Doubtful Accounts for $3,300. Multiple Choice Question 182 The financial statements of the Melton Manufacturing Company reports net sales of $300,000 and accounts receivable of $50,000 and $30,000 at the beginning of the year and end of year, respectively. What is the average collection period for accounts receivable in days? 60.8 96.1 36.5 48.7 Find the quiz answers here ACC 291 Final Exam Answers Multiple Choice Question 119

Mkt 571 Final Exam Latest Question Answers

1511 words - 7 pages MKT 571 Final Exam Latest Question Answers 1. Which component of a marketing audit includes major developments in income, prices, savings, and credit that affect the company? • Technological • Political • Economic • Cultural 2. Marketers must see themselves as benefit providers. For example, when a shopper purchases new shoes, he or she expects the shoes to cover his or her feet and allow him or her to walk unobstructed