ACC 291 Final Exam

Satisfactory Essays
ACC 291 Final Exam

Copy this link to your browser to download:

http://www.finalexamguide.com/ACC-291-Final-Exam-1-3.htm
1. 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?
2. 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?
3. Given the following account balances at year end, compute the total intangible assets on the balance sheet of Janssen Enterprises.
4. Bonds with a face value of $300,000 and a quoted price of 97¼ have a selling price of
5. 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?
6. 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
7. 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
8. 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
9. Zoum Corporation had the

You May Also Find These Documents Helpful

  • Satisfactory Essays

    ACC 291 Final Exam

    • 2547 Words
    • 12 Pages

    DOWNLOAD http://www.supportonlineexam.com ACC 291 Final Exam 100% Correct 1.The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan to A.safeguard assets B.monitor balance sheets C.control liabilities D.evaluate capital stock 2. The purchase of treasury stock A. decreases common stock authorized B. decreases common stock issued C. decreases common stock outstanding D. has no effect on common stock outstanding…

    • 2547 Words
    • 12 Pages
    Satisfactory Essays
  • Satisfactory Essays

    ACC 291 Final Exam Guide

    • 5272 Words
    • 30 Pages

    ACC 291 Final Exam Guide www.paperscholar.com DIRECT LINK TO THIS STUDY GUIDE: http://www.paperscholar.com/acc-291-final-exam-guide/ Instantly Download! Get Better Grades in Less Time! 100% Satisfaction Guarantee DESCRIPTION FOR THIS STUDY GUIDE: 1. The method of accounting for uncollectible accounts that results in a better matching of expenses with revenues is the a. aging accounts receivable method b. direct write-off method c. percentage of receivables method d. percentage of…

    • 5272 Words
    • 30 Pages
    Satisfactory Essays
  • Good Essays

    Final Exam Acc/291

    • 1521 Words
    • 7 Pages

    ------------------------------------------------- 1) The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan to A.safeguard assets B.monitor balance sheets C.control liabilities D.evaluate capital stock ------------------------------------------------- 2) The purchase of treasury stock A. decreases common stock authorized B. decreases common stock issued C. decreases common stock outstanding D…

    • 1521 Words
    • 7 Pages
    Good Essays
  • Satisfactory Essays

    Acc 291

    • 2533 Words
    • 11 Pages

    [pic] |Course Syllabus School of Business ACC/290 Version 3 Principles of Account I Course Start Date: : 05/20/2013 Course End Date: 06/24/2013 Group Number: GA12BSB12 | |Copyright © 2011by University of Phoenix. All rights reserved. Facilitator Information hours. I am available to answer questions between class meetings by phone, OLS postings or email. Also, I will be in class approximately…

    • 2533 Words
    • 11 Pages
    Satisfactory Essays
  • Good Essays

    Acc 291

    • 469 Words
    • 2 Pages

    Ethics ACC/291 August 4, 2012 Ethics The Sarbanes-Oxley Act of 2002 was approved in order to keep corporations form scamming the government. The law was a consequence of many corporate scams. This law was to protect the investors and give them the correct information and to make the corporations reveal all information which may impact an investor’s judgment of the corporation. This act/law will make corporations complete an internal audit from time to time as to keep all the information correct…

    • 469 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    ACC 291

    • 295 Words
    • 2 Pages

    Direct and Indirect Cash Flow Cassandra Stewart ACC 291 June 18, 2014 Susan Schulz / Direct and Indirect Cash Flow Differences between direct and indirect cash flow are just what they seem. Direct statement of cash flow identifies a company’s sources and uses of cash. This cash flow has three sections that include operating, investing, and financing activities. Operating activities includes receipts and payments from normal business operations. Investing activities include the purchase…

    • 295 Words
    • 2 Pages
    Satisfactory Essays
  • Satisfactory Essays

    ACC 281 FINAL EXAM

    • 510 Words
    • 3 Pages

    This work includes ACC 281 FINAL EXAM Business - General Business Focus of the Final Paper Write an 8 to 10 page Case Analysis of the following article (which can be found in the Ashford Online ProQuest database): Souza, M. McCarty, B. (2007). From bottom to top: How one provider retooled its collections [electronic version]. Healthcare Financial Management, 61(9), 67-73. Include the following: 1) Complete summary of the case study that identifies the key problems and issues…

    • 510 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    ACC 300 Final Exam

    • 438 Words
    • 3 Pages

    ACC 300 Final Exam Copy this link to your browser to download: http://www.finalexamguide.com/ACC-300-Final-Exam-1-200.htm 1. Which of the following is not an asset: 2. Amy Co. acquired $500 worth of supplies on credit. Which of the following journal entries would be recorded? 3. Baker Company earned $10,000 revenue for services provided. Which of the following is correct? 4. Candy Company collected $5,000 from a customer on account. What journal entry will Candy Company record…

    • 438 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    ACC 490 Final Exam

    • 743 Words
    • 4 Pages

    ACC 490 Final Exam Copy this link to your browser and download http://www.finalexamguide.com/ACC-490-Final-Exam-2-163.htm 1. An audit that involves obtaining and evaluating evidence about the efficiency and effectiveness of an entity’s operating activities in relation to specified objectives is a(n): 2. When providing audit services, the CPA is expected to be: 3. Which one of the following services is often performed on public companies’ interim financial statements and nonpublic…

    • 743 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    ACC 491 Final Exam

    • 793 Words
    • 4 Pages

    ACC 491 Final Exam Copy this link to your browser and download: http://www.finalexamguide.com/ACC-491-Final-Exam-270.htm 1) If reported sales for 2010 erroneously include sales that occur in 2011, the assertion violated on the 2010 statements would be 2) The rights and obligations assertion applies to 3) Which of the following assertions is NOT made by management in placing an item in the financial statements? 4) Section 11 of the Securities Act of 1933 uses the term material fact…

    • 793 Words
    • 4 Pages
    Powerful Essays