ACC 291 Final Exam Latest UOP Material

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Title: ACC 291 Final Exam Latest UOP Material


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ACC 291 Final Exam Latest
  • By www.uopetutors.com

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  • 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
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  • 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

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  • 7,500,000.
  • 5,500,000.
  • 3,500,000.
  • 9,500,000.
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    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-bala
    nce method of depreciation?
  • 38,400.
  • 48,000.
  • 23,040.
  • 28,800.

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  • 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.
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  • 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
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  • 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

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  • 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 ValuePreferred 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.
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  • 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 CapitalOrdinary for 88,000.
  • a debit to Retained Earnings for 72,000.
  • a debit to Cash for 16,000.
  • a credit to Share PremiumOrdinary for 72,000.

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  • 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.
  • lt605,000gt.
  • lt105,000gt.
  • 115,000.
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  • 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.
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  • 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
  • 1.751.
  • 175.
  • 210,000 120,000.
  • .571.
  • 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.
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  • 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.
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  • 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.

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  • 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.

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    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 employers 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.

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  • 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 here ACC 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)

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  • 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 here ACC 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

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  • 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
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  • 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

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  • 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 MDA of the annual
    report.
  • Adoption of a different inventory method for each
    of the last three years.
  • Find the quiz answers here ACC 291 Final Exam
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  •  
  • 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.

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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)
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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
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