Download New ACCT 504 Week 4 Midterm Exam

Download New ACCT 504 Week 4 Midterm Exam

1. TCOs A, B, and C) Shareholders want answers to all of the following questions except:
2. (TCO C) Paying back long-term debt is an example of a(n)
3. (TCO C) Buying a new plant would be an example of which type of activity?
4. (TCO A) On a classified balance sheet, prepaid expenses are classified as
5. (TCO B) For 2012, LBJ Corporation reported net income of $25,000; net sales $250,000; and weighed average shares outstanding of 5,000. There were no preferred stock dividends. What was the 2012 earnings per share?
6. (TCO D) Which of the following accounts has a normal balance of a credit?
7. (TCO E) The accrual accounting term used to indicate an item paid in advance or the receipt of cash in advance is
8. (TCOs A and B) Specific identification would not likely be used by which of the following businesses?
9. (TCOs A and B) LBJ Company recorded the following events involving a recent purchase of merchandise.
10. (TCO A) In a period of declining prices, which of the following inventory methods generally results in the lowest balance sheet figure for inventory?
11. (TCO D) A classmate is considering dropping his or her accounting class because he or she cannot understand the rules of debits and credits.
12. (TCOs B and E) The following information is available for Partin Company.
13. (TCO D and E) Please prepare the following journal entries. Indicate which account should be debited and which account should be credited, along with the dollar amount of the debit and credit. a: Investors invest $600,000 in exchange for 30,000 shares of common stock. b: Company paid rent of $3,000. c: Company billed $5,000 for services performed. d: Company purchased supplies of $3,000. e: Company received $20,000 for services not yet performed.
14. (TCO D) Your friend Wendy plans to open a hair salon. Wendy states that she does not have time to develop and implement a system of internal controls. a: Explain to Wendy the objectives of a system of internal control. b: Explain to Wendy at least four key controls she must establish to protect herself against fraud. You should state specific internal control principles and relate your answer to her hair salon business.
15. (TCOs A, B, and C) Which of the following statements concerning users of accounting information is incorrect?
16. (TCO A) Resources owned by a business are referred to as
17. (TCO B) For 2012, LBJ Corporation reported net income of $40,000; net sales $1,400,000; and weighted average shares outstanding of 10,000. There were no preferred stock dividends. What was the 2012 earnings per share?
18. (TCO D) Which of the following describes the normal balance and classification of the dividends account?
19. (TCOs A and B) A perpetual inventory system would most likely be used by a(n)
20. (TCO A) In periods of rising prices, which of the following inventory methods results in the lowest income taxes?
21. (TCO D) Describe the process of preparing a trial balance. What is the purpose of preparing a trial balance? If a trial balance does not balance, identify what might be the reasons why it does not balance. If the trial balance does balance, does that ensure that the ledger accounts are correct? Explain.
22. (TCOs B and E) The Caltor Company gathered the following condensed data for the Year Ended December 31, 2010.
23. (TCO D)  Your friend Dean has hired you to evaluate the following internal control procedures. a: Explain to your friend whether each of the numbered items below is an internal control strength or weakness. You must also state which principle relates to each of the internal controls. b: For the weaknesses, you also…..
24. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n)
25. (TCO C) Which activities involve putting the resources of the business into action to generate a profit?
26. (TCO A) The cost of assets consumed or services used is also known as
27. (TCO C) Edwards Company recorded the following cash transactions for the year
28. (TCO A) On a classified balance sheet, prepaid insurance is classified as
29. (TCO A) An intangible asset
30. (TCO A) These are selected account balances on December 31, 2007……..What is the total NET amount of property, plant, and equipment that will…….?
31. (TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?
32. (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year?
33. (TCO D) On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month. Should a journal entry be made on March 6? Why or why not?
34. (TCO D) Which one of the following is not a part of an account?
35. (TCO D) Which of the following describes the classification and normal balance of the retained earnings account?
36. (TCO D) A debit is the normal balance for which account listed below?
37. (TCO D) Which of the following accounts follows the rules of debit and credit in relation to increases and decreases in the opposite manner?
38. (TCO E) An accounting time period that is one year in length is called
39. (TCO E) In a merchandising business, revenue may be considered earned when
40. (TCO E) On April 1, 2010, M Corporation paid $48,000 cash for equipment that will be used in business operations. The equipment will be used for four ….
41. (TCO E) The following is selected information from M Corporation for the fiscal year ending October 31, 2010:…, what is M Corporation’s net income….?
42. (TCO E) Adjusting entries are made to ensure that
43. (TCO A, B) Which of the following expressions is incorrect?
44. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $3,000 and credit terms of 2/10, n/30…
45. (TCO A, B) Jake’s Market recorded the following events involving a recent purchase………As a result of these events, the company’s merchandise….:
46. (TCO A) The factor which determines whether or not goods should be included in a physical count of inventory is
47. (TCO A) Barnes Company is taking a physical inventory on March 31, the last day of its fiscal year. Which of the following must be included in this……?
48. (TCO A) A problem with the specific identification method is tha
49. (TCO A) Which of the following statements is true regarding inventory cost flow assumptions?
50. (TCO A) In periods of rising prices, the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the
51. (TCO B) Which of the following is a true statement about inventory systems?
52. (TCO B) A merchandiser that sells directly to consumers is a
53. (TCO D) A classmate is considering dropping his accounting class because he cannot understand the rules of debits and credits. Explain the rules……..
54. (TCOs B & E) The Caltor Company gathered the following condensed data for the year ended December 31, 2010
55. (TCO C) The statement of cash flows would disclose the payment of a dividend
56. (TCO C) Finley Company recorded the following cash transactions for the year:….What was Finley’s net cash provided by operating activities?
57. (TCO A) A current asset is
58. (TCO A) Which of the following is not considered an asset?
59. (TCO B) For 2007 Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2007 earnings per share?
60. (TCO D) Is the purchase of equipment treated as an expense at the time of purchase? Why or why not?
61. (TCO D) The classification and normal balance of the dividend account is
62. (TCO D) A debit is not the normal balance for which account listed below?
63. (TCO E) One of the accounting concepts upon which adjustments for prepayments and accruals are based is
64. (TCO E) Why do generally accepted accounting principles require the application of the revenue recognition principle?
65. (TCO E) The general term employed to indicate an expense that has not been paid or revenue that has not been received and has not yet been recognized…..
66. (TCO B) A merchandiser that sells directly to consumers is a
67. (TCO A,B) Detailed records of movements in merchandise (each purchase and sale) are not maintained in the inventory account in a
68. (TCO B) Hunter Company purchased merchandise inventory with an invoice price of $12,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Hunter Company pays within the discount period?
69. (TCO A) Zach’s Market recorded the following events involving a recent purchase of merchandise. As a result of these events, the company’s merchandise…..
70. (TCO A) Which of the following items will increase inventoriable costs for the buyer of goods?

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