Account 504 Midterm Essay

1021 words - 5 pages

ACCT 504 Midterm Exam
(Accounting and Finance; Managerial Use & Analysis - DeVry)
(More than 60 MCQs and explanatory answers)
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Week 4 Midterm 1
1. TCO A, B, C) Which of the following statements concerning users of accounting….?
2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n)
3. (TCO C) Which activities involve putting the resources of the business into action…?
4. (TCO A) The cost of assets consumed or services used is also known as
5. (TCO C) Edwards Company recorded the following cash transactions for the year
6. (TCO A) On a classified balance sheet, prepaid insurance is classified as
7. (TCO A) An intangible asset
8. (TCO A) These ...view middle of the document...

(TCO A, B) Which of the following expressions is incorrect?
22. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $3,000 and credit terms of 2/10, n/30…
23. (TCO A, B) Jake's Market recorded the following events involving a recent purchase of merchandise: ……….As a result of these events, the company's merchandise inventory:
24. (TCO A) The factor which determines whether or not goods should be inc……..
25. (TCO A) Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this inventory count?
26. (TCO A) A problem with the specific identification method is tha
(TCO A) Which of the following statements is true regarding inventory cost….?
27. (TCO A) In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the
28. (TCO B) Which of the following is a true statement about inventory systems?
29. (TCO B) A merchandiser that sells directly to consumers is
30. TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits. Explain the rules of debits and …..
31. (TCOs B & E) The Caltor Company gathered the following condensed data….

Week 4 Midterm 2
1. (TCO A, B, C) Which of the following statements concerning users of accounting…?
2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n)
3. (TCO C) The statement of cash flows would disclose the payment of a dividend  
4. (TCO A) The cost of assets consumed or services used is also known as  
5. (TCO C) Finley Company recorded the following cash transactions for the…..? 
6. (TCO A) A current asset is….  
7. (TCO A) Which of the following is not considered an asset? 
8. (TCO A) These are selected account balances on December 31, 2007....What is….?  ...

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