Acc exam 2 2023 - Study guides, Class notes & Summaries

Florida 2-15 Insurance License Exam |150 Questions and Answers 2023/2024 An insurance clause is a distinct article in a formal document that establishes the rules in the contract that _____________________ must adhere to. (Correct Ans: - both the insurer and the insured "ACC" refers to the type of disability that prevents someone from performing the job he was performing prior to the disability. (Correct Ans: - FALSE Which statement is CORRECT about the Department of Financial Service...

Florida 2-15 Insurance License Exam-Actual Exam Questions and Answers, 100% Verified-Updated 2023/2024 Accumulation units are converted into annuity units: at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. noncontributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits ...

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Supplies pu...

T/F 1. In general, if a shareholder’s ownership interest is not diminished as a result of a stock redemption, the Code will treat the transaction as a sale or exchange. a. True b. False ANSWER: False RATIONALE: If a shareholder’s ownership interest is not diminished as a result of a stock redemption, the Code generally will treat the transaction as a dividend distribution. 2. A shareholder’s basis in property acquired in a stock redemption is the property’s fair market value as ...

ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers. MC 1. Ula purchased stock in Purple, Inc., 6 years ago for $150,000. Purple has assets with a value of $225,000 ($175,000 basis) and liabilities of $60,000. Purple transfers $200,000 of assets and all of its liabilities to White Corporation in exchange for White common stock. Purple distributes the White stock and its $25,000 remaining asset (cash) to Ula in exchange for all of her Purple stock. Purple then liquidates....

If the contribution margin is not sufficient to cover fixed expenses: Multiple Choice A) total profit equals total expenses. B) contribution margin is negative. C) a loss occurs. D) variable expenses equal contribution margin. - ANSWER C. Which of the following is true regarding the contribution margin ratio of a company that produces only a single product? Multiple Choice A) As fixed expenses decrease, the contribution margin ratio increases. B) The contribution margin ratio multi...

Which of the following is true regarding the use of special revenue funds? - ANSWER Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources. Regarding interfund transactions, which of the following is not correct? - ANSWER Interfund transactions must be repaid The journal entry to record the budget of a special revenue fund would include - ANSWER a debit to estimated revenue control The city of Pine Cov...

Florida 2-15 Insurance License Exam Solved 100% Correct 2023/2024 Accumulation units are converted into annuity units: -Ans: - at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. -Ans: - non-contributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. -Ans: - FAL...

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Suppli...