ACCT 504 Week 8 Final Exam Set 4

ACCT 504 Week 8 Final Exam Set 4

Author: Christine Farr


1. 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) Two different companies utilize a different inventory costing method. If the price of goods has decreased 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 exceeds 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 $75,000 and $90,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $100,000. 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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