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# ACCT 504 Week 8 Final Exam Set 3

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Author: Christine Farr
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1. (TCO A) An advantage of the corporate form of business is _____. (Points : 5)
2. (TCO A) Which one of the following statements is correct with regard to Dividends? (Points : 5)
3. (TCOs A, B) Below is a partial list of account balances for LBJ Company:
4. (TCOs B, E) Which of the following statements is incorrect with regard to accrual accounting? (Points : 5)
5. (TCO D) Three different companies each utilize a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
6. (TCOs A, E) Equipment was purchased for \$85,000. Freight charges amounted to \$2,550 and there was a cost of \$10,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a \$5,000 salvage value at the end of its 6-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points : 5)
7. (TCOs D, G) When the market rate of interest is equal to the stated rate of interest on the bond, the bond will require _____. (Points : 5)
8. (TCO C) Accounts receivable arising from sales to customers amounted to \$50,000 and \$45,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was \$150,000. Based on these transactions, the cash flows from operating activities to be reported on the statement of cash flows would be _____. (Points : 5)
9. (TCO F) Which one of the following tools uses the percentage change formula to make year-over-year comparisons of sales growth? (Points : 5)
10. (TCO F) When performing a common-size Income Statement, the 100% figure is _____. (Points : 5)

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