Acc 291 Week 5 Final Exam 1

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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 depreciation for plant assets. A friend has asked you to succinctly explain what component depreciation means. Which of the following correctly describes component depreciation?

Multiple Choice Question 198

Given the following account balances at ...view middle of the document...

80 per share. Given this information, the best journal entry for E. Corp. to record for this transaction is

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

IFRS Multiple Choice Question 01

Jahnke Corporation issued 8,000 shares of €2 par value ordinary shares for €11 per share. The journal entry to record the sale will includ

Multiple Choice Question 80

Zoum Corporation had the following transactions during 2014:

1. Issued $125,000 of par value common stock for cash.

2. Recorded and paid wages expense of $60,000.

3. Acquired land by issuing common stock of par value $50,000.

4. Declared and paid a cash dividend of $10,000.

5. Sold a long-term investment (cost $3,000) for cash of $3,000.

6. Recorded cash sales of $400,000.

7. Bought inventory for cash of $160,000.

8. Acquired an investment in Zynga stock for cash of $21,000.

9. Converted bonds payable to common stock in the amount of $500,000.

10. Repaid a 6 year note payable in the amount of $220,000.

What is the net cash provided by financing activities?

Multiple Choice Question 176

Colie Company had an increase in inventory of $120,000. The cost of goods sold was $490,000. There was a $30,000 decrease in accounts payable from the prior period. Using the direct method of reporting cash flows from operating activities, what were Colie's cash payments to suppliers?

IFRS Multiple Choice Question 04

Each of the following items may be classified as operating or financing activities under IFRS except

Multiple Choice Question 165

The current assets of Orangatte Company are $227,500. The current liabilities are $130,000. The current ratio expressed as a proportion is

Multiple Choice Question 41

All of the following requirements about internal controls were enacted under the Sarbanes Oxley Act of 2002 except:

Multiple Choice Question 85

Which of the following is not an internal control activity for cash?

Multiple Choice Question 92

Before a check authorization is issued, the following documents must be in agreement, except for the

Multiple Choice Question 115

Mitchell Corporation bought equipment on January 1, 2014 .The equipment cost $180,000 and had an expected salvage value of $30,000. The life of the equipment was estimated to be 6 years. The book value of the equipment at the beginning of the third year would be

Multiple Choice Question 142

Brevard Corporation purchased a taxicab on January 1, 2013 for $25,500 to use for its shuttle business. The cab is expected to have a five-year useful life and no salvage value. During 2014, it retouched the cab's paint at a cost of $1,200, replaced the transmission for $3,000 (which extended its life by an additional 2 years), and tuned-up the...

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