UOP ACC 291 Final Exam

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Title: UOP ACC 291 Final Exam

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ACC 291 Final Exam Latest

By www.studentehelp.com

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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Final Exam Answers just a click away ACC 291
Final Exam 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
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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
Accounts Receivable 4,000,000
Goodwill 2,500,000
Research Development Costs 2,000,000
7,500,000.
5,500,000.
3,500,000.
9,500,000
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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.
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.
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.
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.

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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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291 Week 5 Complete
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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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.
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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
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Multiple Choice Question 102
Assume the following cost of goods sold data for
a company
2015 1,300,000
2014 1,200,000
1,000,000
If 2013 is the base year, what is the percentage
increase in cost of goods sold from 2013 to 2015?
30
70
130
20

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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
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answers
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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.
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Multiple Choice Question 221
All of the following situtations below might
indicate a company has a low quality of earnings
except
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.
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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 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
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ACC 291 Week 3 DQ 1 (With 3 Responses) 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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