Devry University, Keller Graduate School Of Management
ACCT 504 (ACCT504)
Exam (elaborations)
ACCT 504 FINAL EXAM / ACCT504 FINAL EXAM: LATEST-2021, A COMPLETE DOCUMENT FOR EXAM
2 views 0 purchase
Course
ACCT 504 (ACCT504)
Institution
Devry University, Keller Graduate School Of Management
ACCT 504 FINAL EXAM / ACCT504 FINAL EXAM: LATEST-2021, A COMPLETE DOCUMENT FOR EXAMACCT 504 FINAL EXAM / ACCT504 FINAL EXAM: LATEST-2021, A COMPLETE DOCUMENT FOR EXAMACCT 504 FINAL EXAM / ACCT504 FINAL EXAM: LATEST-2021, A COMPLETE DOCUMENT FOR EXAM
acct 504 final exam acct504 final exam latest 2021
a complete document for exam
Written for
Devry University, Keller Graduate School Of Management
ACCT 504 (ACCT504)
All documents for this subject (3)
Seller
Follow
kuglin
Reviews received
Content preview
ACCT 504 Final Exam
(TCO A) A corporation has which of the following advantages? (Points : 5)
Reduced taxes
Simple to set up
Limited liability for stockholders
Owner maintains control
Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5)
The Balance Sheet
The Statement of Retained Earnings
The Income Statement
None of the above
Question 3.3. (TCOs A and B) Below is a partial list of account balances for LBJ Company.
What did LBJ Company show as total debits? (Points : 5)
$57,300
$81,000
$55,300
$56,000
, Question 4.4. (TCO B and E) Under cashbasis accounting, which of the following transactions would not be
recorded? (Points : 5)
Cash sales to customers
Payments to vendors
Sales on account
Payroll payments to employees
Question 5.5. (TCO D) If ending inventory of the current year is understated (Points : 5)
Cost of goods sold for the current year will be understated
Gross profit for the current year will be unaffected
Gross profit for the current year will be understated
Net income for the current year will be overstated
Question 6.6. (TCO A and E) Equipment was purchased for $27,000. Freight charges amounted to $1,000 and
there was a cost of $5,000 for building a foundation and installing the equipment. It is estimated that the
equipment will have a $5,000 salvage value at the end of its 7year useful life. Depreciation expense each year
using the straightline method will be . (Points : 5)
$4,714
$4,000
$3,857
$3,285
Question 7.7. (TCOs D and G) When the market rate of interest exceeds the stated rate of interest on the bond,
the bond will require . (Points : 5)
a debit to Discount on Bonds Payable
a credit to Premium on Bonds Payable
a debit to Loss on Bonds Payable
a credit to Gain on Bonds Payable
Question 8.8. (TCO C) Which inventory accounting system does not require a physical count of the inventory at
the year end? (Points : 5)
Periodic inventory system
Perpetual inventory system
Specific Identification
None of the above
Question 9.9. (TCO F) Horizontal analysis is also known as . (Points : 5)
ratio analysis
vertical analysis
commonsize analysis
trend analysis
Question 10.10. (TCO F) When performing a commonsize balance sheet, the 100% figure is . (Points : 5)
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller kuglin. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $18.49. You're not tied to anything after your purchase.
