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ACC 291 Final Exam

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ACC 291 Final Exam (Latest)


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 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

Multiple Choice Question 119


Stine Company purchased machinery with a list price of
$64,000. They were given a 10% discount by the manufacturer.
They paid $400 for shipping and sales tax of $3,000. Stine
estimates that the machinery will have a useful life of 10 years
and a residual value of $20,000. If Stine uses straight-line
depreciation, annual depreciation will be

$3,760.
$4,072.
$6,100.
$4,100.

Multiple Choice Question 198


Given the following account balances at year end, compute the
total intangible assets on the balance sheet of Janssen
Enterprises.
Cash $1,500,000
Accounts Receivable

4,000,000

Trademarks 1,000,000
Goodwill

2,500,000

Research & Development Costs

$7,500,000.
$5,500,000.
$3,500,000.
$9,500,000.

2,000,000

Multiple Choice 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-decliningbalance 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.

Multiple Choice Question 146


Bonds with a face value of $300,000 and a quoted price of 97
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

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 ValuePreferred 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.

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 include
a credit to Share CapitalOrdinary for 88,000.

a debit to Retained Earnings for 72,000.


a debit to Cash for 16,000.
a credit to Share PremiumOrdinary for 72,000.

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?

$395,000.
$<605,000>.
$<105,000>.
$115,000.

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?

$580,000.
$370,000.
$310,000.
$640,000.

IFRS Multiple Choice Question 04


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

dividends paid.
dividends received.
interest paid.
all of these answer choices may be classified as such.

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

1.75:1.
175%.
$210,000 $120,000.
.57:1.

Multiple Choice Question 41


All of the following requirements about internal controls were
enacted under the Sarbanes Oxley Act of 2002 except:
independent outside auditors must eliminate redundant
internal control.

companies must continually assess the functionality of


internal controls.
independent outside auditors must attest to the level of
internal control.
companies must develop sound internal controls over
financial reporting.

Multiple Choice Question 85


Which of the following is not an internal control activity for
cash?
The number of persons who have access to cash should be
limited.
The functions of record keeping and maintaining custody
of cash should be combined.
Surprise audits of cash on hand should be made
occasionally.
All cash receipts should be recorded promptly.

Multiple Choice Question 92


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

purchase order.
invoice.
remittance advice.
receiving report.

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

$50,000.
$180,000.
$150,000.
$130,000.

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 motor for $150. If Brevard
Corporation uses straight-line depreciation, what annual
depreciation will Brevard report for 2014?

$4,100.
$5,100.
$4,125.
$3,900.

Multiple Choice Question 164


On July 1, 2014, Fleming Company sells machinery for
$120,000. The machinery originally cost $300,000, had an
estimated 5-year life and an expected salvage value of
$50,000. The Accumulated Depreciation account had a balance
of $175,000 on January 1, 2014, using the straight-line method.
The gain or loss on disposal is

$20,000 gain.
$5,000 loss.
$10,000 loss.
$5,000 gain.

Multiple Choice Question 180

On July 1, 2014, Linden Company purchased the copyright to


Norman Computer Tutorials for $140,000. It is estimated that
the copyright will have a useful life of 5 years. The amount of
Amortization Expense recognized for the year 2014 would be

$14,000.
$25,900.
$28,000.
$13,125.

Multiple Choice Question 120


The following totals for the month of April were taken from the
payroll records of Metz Company.
Salaries

$30,000

FICA taxes withheld

2,295

Income taxes withheld

6,600

Medical insurance deductions 1,200


Federal unemployment taxes
State unemployment taxes

240
1,500

The entry to record accrual of employers payroll taxes would


include a

credit to FICA Taxes Payable for $1,740.


credit to Payroll Tax Expense for $1,740.
debit to Payroll Tax Expense for $4,035.
credit to Payroll Tax Expense for $4,035.

Multiple Choice Question 242


Thayer Company purchased a building on January 2 by signing
a long-term $2,520,000 mortgage with monthly payments of
$23,100. The mortgage carries an interest rate of 10 percent.

The amount owed on the mortgage after the first payment will
be

$2,499,000.
$2,496,900.
$2,520,000.
$2,517,900.

Multiple Choice Question 96


The following data is available for BOX Corporation at
December 31, 2014:
Common
$250,000

stock,

par

$10

(authorized

30,000

shares)

Treasury stock (at cost $15 per share) $1,200


Based on the data, how many shares of common stock are
outstanding?

30,000.
24,920.
25,000.
29,920.

Multiple Choice Question 144


Indicate the respective effects of the declaration of a cash
dividend on the following balance sheet sections:
Total Assets Total Liabilities

Decrease
Increase
Decrease
No change

Increase
Decrease
No change
Increase

Total Stockholders' Equity


Decrease
No change
Increase
Decrease

Multiple Choice Question 102


Assume the following cost of goods sold data for a company:
2015 $1,300,000
2014 1,200,000
2013 1,000,000
If 2013 is the base year, what is the percentage increase in
cost of goods sold from 2013 to 2015?

30%
70%
130%
20%

Multiple Choice Question 179


A company has an average inventory on hand of $75,000 and
its average days in inventory is 36.5 days. What is the cost of
goods sold?

$1,680,000
$876,000
$750,000
$1,752,000

Multiple Choice Question 199


The following information is available for Patterson Company:
2014

2013

Accounts receivable
Inventory

280,000

Net credit sales


Cost of goods sold

$ 360,000

$ 340,000

320,000

3,000,000

2,600,000

1,500,000

840,000

Net income 300,000

170,000

The accounts receivable turnover for 2014 is

4.3
8.6
7.6
8.3

times.
times.
times.
times.

Multiple Choice Question 221


All of the following situtations below might indicate a company
has a low quality of earnings except
Maintenance costs are capitalized and then depreciated.
Revenue is recognized when earned.
A lack of disclosure about guaranteed payments that were
mentioned in the MD&A of the annual report.
Adoption of a different inventory method for each of the
last three years.

IFRS Multiple Choice Question 05


IFRS
implies that receivables with different characteristics
should be reported as one unsegregated amount.
implies that receivables with different characteristics
should be reported separately.
requires that receivables with different characteristics
should be reported as one unsegregated amount.
requires that receivables with different characteristics
should be reported separately.

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