Download New ACCT 550 Weekly Quiz (Week 1 – 6)

Download the New ACCT 550 Weekly Quiz Week 1-6

ACCT 550 Week 1 Quiz

1. Question: What is the major objective of financial reporting?
2. Question: On April 4, 2016, Kate Inc. paid an amount of $1,400 to Mont Inc. for office supplies purchased on account in March 2016. The effect of this transaction is
3. Question: Supreme Co. hired an office secretary ……. What journal entry Supreme should record on July 6, 2015?
4. Question: MyLooks Co. sold merchandise on credit to one of its customers for $250 on 3/12/2016. The customer paid $130 on 4/5/2016. How should MyLooks record this transaction in its books on 4/5/2016
5. Question: Holland Co. purchases general insurance by paying an annual premium of $1,500 on September 1, 2015. What amount Holland will report as prepaid insurance on Dec 31, 2015, assuming that Hansen’s accounting year ends on Dec 31, 2015

ACCT 550 Week 2 Quiz

1. Question: Information in the income statement helps users to
2. Question: Which of the following items will not appear in the retained earnings statement?
3. Question: Unfortunate Inc. discontinued a segment of its business at a loss of $500,000……..Unfortunately 30%
4. Question: Gross sales by an International Company to its customers last year amounted to $630,000; sales returns and allowances were $24,000, sales discounts were $30,000, and freight-out was $ 4,000. Net sales last year for Big Company were
5. Question: Global Business Inc. operates in many countries. In 2015 it incurred a loss of $640,000 because of fluctuations in foreign exchange. How should Global should report this loss in its 2015 Income Statement assuming that the effective income tax rate for Global is 25%
   

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ACCT 550 Week 3 Quiz

1. Question: For Grand Company, the following ……., intangible assets should be reported at
2. Question: Stine Corp.’s trial balance reflected the following account balances on December 31, 2015: Accounts receivable (net) $24,000 Trading securities 6,000 Accumulated depreciation on equipment and furniture 15,000 Cash 14,000 Inventory 30,000 Equipment 25,000 Patent 4,000 Prepaid expenses 3,000 Land held for future use and not currently used in business $82,000 How much should Stine report as Long Term Investment in its December 31, 2015 balance sheet.
3. Question: Hamilton Corporation reports the following information: Net income of $400,000 Depreciation expense 20,000 increase in accounts receivable 50,000 and decrease in inventory of $50,000 Hamilton should report cash provided by operating activities of
4. Question: Dividends paid are reported in the cash flow statement as
5. Question: Martin corporation sold old equipment for $350. Martin purchased this equipment originally for $600 and the accumulated depreciation on this equipment till the date of sale was $300. How should Martin report this transaction in the cash flow statement?
   

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ACCT 550 Week 5 Quiz

1. Question: In a period of rising prices, the inventory method which tends to give the highest reported COGS is
2. Question: Bell Inc. took a physical inventory at the end of the year and determined that $650,000 of goods were on hand…….. What amount should Bell report as inventory at the end of the year?
3. Question: ToysInc. determines the cost of its inventory using LIFO at $600,000……. 20% gross margin on selling price, determines the value of inventory that should be reported in the balance sheet.
4. Question: Chess Top uses the periodic inventory system. For the current month, the beginning inventory consisted of 200 units that cost $65 each. During the month, Chess Top made two purchases: 300 units at $68 each and 150 units at $70 each. Chess Top also sold 400 units during the month…… the month?
5. Question: Estimates Co. earns a gross profit of 25% on its sales. In 2015, it had sales of $1,200, beginning inventory was $250 and during the year it made purchases of $800. The company uses periodic inventory and struggling with the amount of inventory on hand at the end of 2015. What should be the approximate inventory balance on Dec 31, 2015
   

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ACCT 550 Week 6 Quiz

1. Question: Messersmith Company is constructing a building. …… Messersmith made payments to the construction company of$175,000 on 1/1/14,
   $900,000 on 5/1/14, $1,000,000 on 10/1, and $2,000,000 on 12/31. Average accumulated expenditures were
2. Question: Hoyle Company traded machinery with a cost of $360,000 and accumulated depreciation of $120,000 for new machinery in exchange for Durler Company with a fair value of $280,000. Hoyle also paid cash of $15,000. Assuming that this exchange has commercial substance what amount of gain or loss should Hoyle recognize on the exchange?
3. Question: Land was purchased to be used as the site for the construction …… The proceeds from the sale of the building should be
4. Question: Equipment that cost $70,000 and has accumulated ……. This exchange lacked commercial substance. Gain to be recognized from this exchange is
5. Question: Sam Corp. purchased a plot of land for $100,000. the cost to raze a building on the property amounted to $50,000 and Sam received $10,000 from the sale of scrap materials. Sam built a new plant on the site at a total cost of $800,000 including excavation costs of $30,000. What amount should Sam capitalize in its land account?

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