ACC 291 Final Exam

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ACC 291 FINAL EXAM (LATEST)

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-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.
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 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

Legal Expense

15,000

Common Stock

Legal Expense

15,000

15,000

Common Stock

8,000

Paid-in Capital in Excess of Par - Common

Legal Expense

6,400

7,000

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 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

240

State unemployment taxes

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 stock, par $10 (authorized 30,000 shares)

$250,000

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

Total Stockholders' Equity

Decrease

Increase

Decrease

Increase

Decrease

No change

Decrease

No change

Increase

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

$ 360,000

$ 340,000

320,000

3,000,000

2,600,000

Cost of goods sold

1,500,000

Net income 300,000

170,000

840,000

The accounts receivable turnover for 2014 is

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