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Devry Acct 504 Final Exam

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Devry ACCT 504 Final Exam
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devry final exam acct 504

Question 1.1.(TCO A) A disadvantage of the corporate form of business is _____. (Points : 5)
Question 3.3.(TCO A, B)
Below are some of the account balances for PNK Company:

Cash $7,000
Accounts Receivable $12,000
Prepaid Insurance $2,000
Accounts Payable $4,000
Wages Payable $1,500
Notes Payable $500
Common Stock $50,000
Dividends $2,500
Revenues $35,000
Expenses $25,000

What will PNK Company show for total debits?
(Points : 5)
Question 4.4.(TCOs B and E) Which of the following statements is correct with regard to accrual accounting? (Points : 5)
Question 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)
Question 6.6.(TCO A) ABC Company purchased a piece of land with a preexisting building on it for a price of $250,000. In order to prepare the land for future construction, the old building was demolished at a cost of $15,000. The amount of scrap material that resulted from the demolition was sold for $2,000. As a result of the above purchase, the land and the building will be recorded in ABC’s books at (Points : 5)
Question 7.7.(TCOs D and G) When the market rate of interest is equal to the stated rate of interest on the bond, the bond will require _____. (Points : 5)
Question 8.8.(TCO C) Which inventory accounting system does not require a physical count of the inventory at the year end?(Points : 5)
Question 9.9.(TCO F) Which of the following tools should you use to perform a trend analysis of operating expenses? (Points : 5)
Question 10.10.(TCO F) Vertical analysis is also known as _____. (Points : 5)


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