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ACC 291 Final Exam Latest UOP Material

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ACC 291 Final Exam Latest UOP Material

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  1. ACC 291 Final Exam Latest By www.uopetutors.com Copyright. All Rights Reserved by www.uopetutors.com

  2. 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 • Final Exam Answers just a click away ACC 291 Final Exam Copyright. All Rights Reserved by www.uopetutors.com

  3. 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 2,000,000 Copyright. All Rights Reserved by www.uopetutors.com

  4. $7,500,000. • $5,500,000. • $3,500,000. • $9,500,000. • Find the final exam answers here ACC 291 Final Exam Answers • 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. Copyright. All Rights Reserved by www.uopetutors.com

  5. 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. • Want to see the Entire Course Assignment..?? Click UOP ACC 291 Individual Assignments Copyright. All Rights Reserved by www.uopetutors.com

  6. Multiple Choice Question 146 • Bonds with a face value of $300,000 and a quoted price of 97¼ 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 • Want to check out the complete Assignment..?? Visit ACC 291 Copyright. All Rights Reserved by www.uopetutors.com

  7. 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 6,400 • Legal Expense 15,000 • Common Stock 15,000 • Legal Expense 15,000 • Common Stock 8,000 • Paid-in Capital in Excess of Par - Common 7,000 • Legal Expense 14,400 • Common Stock 14,400 Copyright. All Rights Reserved by www.uopetutors.com

  8. 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 Value—Preferred 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. • Want to check out the complete Final Exam Paper..?? Visit ACC 291 Final Exam Questions Answers • 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 Capital–Ordinary for €88,000. • a debit to Retained Earnings for €72,000. • a debit to Cash for €16,000. • a credit to Share Premium–Ordinary for €72,000. Copyright. All Rights Reserved by www.uopetutors.com

  9. 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. • Click here to download Instantly ACC 291 Entire Course Copyright. All Rights Reserved by www.uopetutors.com

  10. 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. (Incorrect) • all of these answer choices may be classified as such. • Click here to download Complete Answers ofACC 291 Week 5 Complete Copyright. All Rights Reserved by www.uopetutors.com

  11. 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. • Want to see the Final Exam Questions..?? Click ACC 291 Final Exam Answers Copyright. All Rights Reserved by www.uopetutors.com

  12. 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. • Complete Answers just a click away ACC 291 Week 5 Copyright. All Rights Reserved by www.uopetutors.com

  13. 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. Copyright. All Rights Reserved by www.uopetutors.com

  14. To download the complete Questions and Answers click ACC 291 Entire Course • 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. Copyright. All Rights Reserved by www.uopetutors.com

  15. Want to download the Questions..??Click ACC 291 Final Exam Study Materials • 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 employer’s 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. Copyright. All Rights Reserved by www.uopetutors.com

  16. 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. • Find the final exam answers hereACC 291 Final Exam Questions Answers • 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. (Incorrect) Copyright. All Rights Reserved by www.uopetutors.com

  17. 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 • Complete paper hereACC 291 Complete Assignments • 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 Copyright. All Rights Reserved by www.uopetutors.com

  18. 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 • Final Exam Answers just a click awayACC 291 Final Exam questions with answers Copyright. All Rights Reserved by www.uopetutors.com

  19. Multiple Choice Question 199 • The following information is available for Patterson Company: • 2014 2013 • Accounts receivable $ 360,000 $ 340,000 • Inventory 280,000 320,000 • Net credit sales 3,000,000 2,600,000 • Cost of goods sold 1,500,000 840,000 • Net income 300,000 170,000 • The accounts receivable turnover for 2014 is • 4.3 times. • 8.6 times. • 7.6 times. • 8.3 times. • Multiple Choice Question 221 • All of the following situtations below might indicate a company has a low quality of earnings except Copyright. All Rights Reserved by www.uopetutors.com

  20. Maintenance costs are capitalized and then depreciated (Incorrect). • Revenue is recognized when earned. • A lack of disclosure about guaranteed payments that were mentioned in the MD&A of the annual report. • Adoption of a different inventory method for each of the last three years. • Find the quiz answers hereACC 291 Final Exam Answers • IFRS Multiple Choice Question 05 • IFRS • implies that receivables with different characteristics should be reported as one unsegregated amount. • implies that receivables with different characteristics should be reported separately. • requires that receivables with different characteristics should be reported as one unsegregated amount. • requires that receivables with different characteristics should be reported separately. Copyright. All Rights Reserved by www.uopetutors.com

  21. About Author • This article covers the topic for the University Of Phoenix ACC 291 Final Exam. The author is working in the field of education from last 5 years. This article covers the basic of ACC 291 Final Exam Assignment from UOP. Other topics in the class are as follows: • ACC 291 Week 1 DQ 1 (With 3 Responses) • ACC 291 Week 1 DQ 2 (With 3 Responses) • ACC 291 Week 1 Complete • ACC 291 Week 2 DQ 1 (With 3 Responses) • ACC 291 Week 2 DQ 2 (With 3 Responses) • ACC 291 Week 2 WileyPLUS • ACC 291 Week 2 Complete • ACC 291 Week 3 DQ 1 (With 3 Responses) Copyright. All Rights Reserved by www.uopetutors.com

  22. ACC 291 Week 3 DQ 2 (With 3 Responses) • ACC 291 Week 3 Complete • ACC 291 Week 4 DQ 1 (With 3 Responses) • ACC 291 Week 4 DQ 2 (With 3 Responses) • ACC 291 Week 4 WileyPLUS • ACC 291 Week 5 DQ 1 (With 3 Responses) • ACC 291 Week 5 DQ 2 (With 3 Responses) • ACC 291 Week 5 Effect of Unethical Behavior Article Analysis • ACC 291 Week 5 Ratio Analysis Memo • ACC 291 Week 5 WileyPLUS • ACC 291 Week 5 Complete • ACC 291 Final Exam (Latest) • Want to check other classes..?? Visit: www.uopetutors.com Copyright. All Rights Reserved by www.uopetutors.com

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