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ACC 291 Week 5 Final Exam

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ACC 291 Final Exam

1)Intangible assets are the rights and privileges that result from ownership of long-lived assets that

2) Gains on an exchange of plant assets that has commercial substance are

3) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period?

4) When an interest-bearing note matures, the balance in the Notes Payable account is

5) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as

6) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011.

7) When the effective-interest method of bond discount amortization is used

8) Capital stock to which the charter has assigned a value per share is called

9) Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011.

10) Two individuals at a retail store work the same cash register. You evaluate this situation as

11) The Sarbanes-Oxley Act imposed which new penalty for executives?

12) 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

13) The purchase of treasury stock

14) Which of the following is a fundamental factor in having an effective, ethical corporate culture?

15) Dawson Company issued 500 shares of no-par common stock for $4,500. Which of the following journal entries would be made if the stock has a stated value of $2 per share?

16) Hahn Company uses the percentage of sales method for recording bad debts expense.

17) Blanco, Inc. has the following income statement (in millions): BLANCO, INC. Income Statement for the Year Ended December 31, 2011 Net Sales: $200 Cost of Goods Sold: 120 Gross Profit $80 Operating Expenses:$44 Net Income: $36 Using vertical analysis, what percentage is assigned to Net Income?

18) Marsh Company has other operating expenses of $240,000. There has been an increase in prepaid expenses of $16,000 during the year, and accrued liabilities are $24,000 lower than in the prior period.

19) Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common stock. This stock was sold later at a selling price of $6 per share. The entry to record the sale includes a

20) The book value of an asset is equal to the

21) Ordinary repairs are expenditures to maintain the operating efficiency of a plant asset and are referred to as

22) The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month note would be:

23) If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what is the annual net cash cost of this borrowing if the income tax rate is 30%?

24) A corporation issued $600,000, 10%, 5-year bonds on January 1, 2011 for 648,666, which reflects an effective-interest rate of 8%. Interest is paid semiannually on January 1 and July 1.

ACC 291 Final Exam 1)Intangible assets are the rights and privileges that result from ownership of long-lived assets that 2) Gains on an exchange of plant assets that has commercial substance are 3) Using the percentage of receivables method for
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