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Acct 504 Final Exam Guides

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ACCT 504 Final Exam Guides
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(TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships?
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
(TCO A) When a corporation distributes a dividend, _____
the most common form of distribution is a cash dividend
the Dividends account will be increased with a credit
the Retained Earnings account will be directly increased with a debit
the Dividends account will be decreased with a debit
(TCOs A, B) Below is a partial list of account balances for Cerner Company
Cash $5,000
Prepaid insurance 500
Accounts receivable 2,500
Accounts payable 2,000
Notes payable 3,000
Common stock 1,000
Dividends 500
Revenues 15,000
Expenses 12,500
Under the accrual basis of accounting, revenues are recorded and reported _____.
When companies receive payments for jobs performed or products provided
When companies have provided products or performed services
When companies receive payments prior to providing products or performing services
When companies receive payments after providing products or performing services
In a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income?
LIFO
The average cost method
FIFO
Payne Corporation issues 100 twenty-year, 6%, $1,000 bonds dated July 1, 2010, at 94. The journal entry to record the issuance will show a _____.
Debit to Cash of $100,000
Credit to Bonds Payable of $94,000
Credit to Premium on Bonds Payable of $4,000
Debit to Discount on Bonds Payable of $6,000
What did Cerner Company show as total credits?
$21,500
$21,000
$20,500
$22,000
(TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____.
when they are incurred, whether or not cash is paid
When they...

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