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Accounting Essay

  • Submitted by: mad1uss
  • on November 24, 2012
  • Category: English
  • Length: 1,885 words

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Below is an essay on "Accounting" from Anti Essays, your source for research papers, essays, and term paper examples.

• 1. ACCT 504 FINAL EXAM PLEASE DOWNLOAD HERE1. (TCO A) Which of the following is an advantage of the sole proprietorshiprelative to the corporate form of business organization? (Points : 5)Limited liability of investorTransferability of ownershipSimple to establishUnlimited life2. (TCO A) Dividends _____. (Points : 5)represent an expense and are an operating activityrepresent an obligation and are an operating activityrepresent a distribution of earnings and are a financing activityrepresent an asset and are an investing activity3. (TCOs A, B) Below is a partial list of account balances for LBJ Company:Cash $15,000Prepaid insurance 5,000Accounts receivable 2,500Accounts payable 3,000Notes payable 6,000Common stock 10,000Dividends 500Revenues 15,000Expenses 13,000What did LBJ Company show as total debits?
• 2. (Points : 5)$34,000$36,000$70,000$31,0004. (TCOs B, E) Why is the accrual basis of accounting preferred by GAAP?(Points : 5)The Accrual basis is easier to use.The Accrual basis is also preferred by the Internal Revenue Service.The Accrual basis complies with the revenue recognition and matching principles.The Accrual basis requires fewer accounting resources.5. (TCO D) In a period of increasing prices, which inventory cost flow assumptionwill result in the highest amount of net income?(Points : 5)LIFOThe average cost methodFIFOIncome tax expense for the period will be the same under all assumptions.6. (TCOs A, E) Equipment was purchased for $75,000 on January 1, 2011.Freight charges of $3,200 were incurred and there was a cost of $6,000 forinstallation. It is estimated the equipment will have a $12,000 salvage value at theend of its 5-year useful life. Depreciation expense for 2011 using the straight-linemethod will be _____. (Points : 5)$13,800$14,440$12,600$13,240
• 3. 7. (TCO D,G) Payne Corporation issues 100 twenty-year, 6%, $1,000 bondsdated July 1, 2010, at 94. The journal entry to record the issuance will show a_____. (Points : 5)debit to Cash of...

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