Devry Acct 504 Week 8 Final Exam-2015 Latest (Graded Solution)

In: Other Topics

Submitted By petersun
Words 1850
Pages 8
DeVry ACCT 504 Week 8 Final Exam-2015 Latest
(Graded Solution)
IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/DeVry-ACCT-504-Week-8-Final-Exam-2015-Latest-533344120330.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM
Question
Week 8 : Final Exam - Final Exam

Page 1 Question 1. 1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization
Question 2. 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) 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
Question 3. 3. (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
What did Cerner Company show as total credits? (Points : 5)
$21,500
$21,000
$20,500
$22,000
Question 4. 4. (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5) when they are incurred, whether or not cash is paid when they are incurred and paid at the same time if they are paid before they are incurred if they are paid after they are incurred
Question 5. 5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)
LIFO will have the…...

Similar Documents

Acct 504 Week 8 Final Exam All 4 Sets - Latest Exam

...ACCT 504 Week 8 Final Exam All 4 Sets - Latest Exam IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://acehomework.com/ACCT-504-Week-8-Final-Exam-All-4-Sets-Latest-Exam-2086.htm?categoryId=-1 If You Face Any Problem E- Mail Us At JOHNMATE1122@Gmail.Com Set 1 Question 1. 1. (TCOs A, B, and C) Which type of corporate information is not available to investors? (Points : 3) Dividend history Forecast of cash needs for the upcoming year Cash provided by investing activities Beginning cash balance Question 2. 2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called (Points : 3) accounts payable. notes receivable. taxes payable. bonds payable. Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3) operating activities. investing activities. financing activities. delivering activities. Question 4. 4. (TCO A) The cost of assets consumed or services used is also known as (Points : 3) a revenue. an expense. a liability. an asset. Question 5. 5. (TCO C) Finley Company recorded the following cash transactions for the year. Paid $90,000 for salaries Paid $40,000 to purchase office equipment Paid $10,000 for utilities Paid $4,000 in dividends Collected $150,000 from customers What was Finley’s net cash provided by operating activities? (Points : 3) $50,000 $10,000 $60,000 $46,000 Question 6. 6. (TCO A) On a classified balance...

Words: 2562 - Pages: 11

Acct 504 Week 8 Final Exam All 4 Sets – Devry

...ACCT 504 WEEK 8 FINAL EXAM ALL 4 SETS – DEVRY To buy this click here http://www.coursehomework.com/product/acct-504-week-8-final-exam-all-4-sets-devry/ Contact us :+1 315-750-4434 help@coursehomework.com ACCT 504 WEEK 8 FINAL EXAM ALL 4 SETS - DEVRY ACCT 504 SET 1 Question 1. 1. (TCOs A, B, and C) Which type of corporate information is not available to investors? (Points : 3) Dividend history Forecast of cash needs for the upcoming year Cash provided by investing activities Beginning cash balance Question 2. 2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called (Points : 3) accounts payable. notes receivable. taxes payable. bonds payable. Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3) operating activities. investing activities. financing activities. delivering activities. Question 4. 4. (TCO A) The cost of assets consumed or services used is also known as (Points : 3) a revenue. an expense. a liability. an asset. Question 5. 5. (TCO C) Finley Company recorded the following cash transactions for the year. Paid $90,000 for salaries Paid $40,000 to purchase office equipment Paid $10,000 for utilities Paid $4,000 in dividends Collected $150,000 from customers What was Finley’s net cash provided by operating activities? (Points : 3) $50,000 $10,000 $60,000 $46,000 Question 6. 6. (TCO A) On a classified balance sheet, prepaid......

Words: 2558 - Pages: 11

Acct-504 Final Exam Solution

...ACCT-504 Final Exam Solution http://uphomework.com/downloads/acct-504-final-exam-solution/ (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization (TCO A) When a corporation distributes a dividend, _____. (Points : 5) 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......

Words: 2524 - Pages: 11

Acct 504 Final Exam Solution

...ACCT 504 Final Exam Solution To Buy this Class Copy & paste below link in your Brower http://homeworkregency.com/downloads/acct-504-final-exam-solution/ Or Visit Our Website Visit : http://www.homeworkregency.com Email Us : homeworkregency@gmail.com ACCT 504 Final Exam Solution (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization (TCO A) When a corporation distributes a dividend, _____. (Points : 5) 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 ......

Words: 1316 - Pages: 6

Acct 504 Final Exam Solution

...ACCT 504 Final Exam Solution http://hwguiders.com/downloads/acct-504-final-exam-solution ACCT 504 Final Exam Solution (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......

Words: 1242 - Pages: 5

Acct 504 Week 8 Final Exam All 4 Sets – Latest

...A++PAPER;http://www.homeworkproviders.com/shop/acct-504-week-8-final-exam-all-4-sets-latest/ ACCT 504 WEEK 8 FINAL EXAM ALL 4 SETS – LATEST ACCT 504 Set 1 Question 1. 1. (TCOs A, B, and C) Which type of corporate information is not available to investors? (Points : 3) Dividend history Forecast of cash needs for the upcoming year Cash provided by investing activities Beginning cash balance Question 2. 2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called (Points : 3) accounts payable. notes receivable. taxes payable. bonds payable. Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3) operating activities. investing activities. financing activities. delivering activities. Question 4. 4. (TCO A) The cost of assets consumed or services used is also known as (Points : 3) a revenue. an expense. a liability. an asset. Question 5. 5. (TCO C) Finley Company recorded the following cash transactions for the year. Paid $90,000 for salaries Paid $40,000 to purchase office equipment Paid $10,000 for utilities Paid $4,000 in dividends Collected $150,000 from customers What was Finley’s net cash provided by operating activities? (Points : 3) $50,000 $10,000 $60,000 $46,000 Question 6. 6. (TCO A) On a classified balance sheet, prepaid insurance is classified as (Points : 3) an intangible asset. property, plant, and equipment. a current asset. a......

Words: 2539 - Pages: 11

Acct 504 Final Exam Solution

...ACCT 504 Final Exam Solution http://homeworkfy.com/downloads/acct-504-final-exam-solution/ To Get this Tutorial Copy & Paste above URL Into Your Browser Hit Us Email for Any Inquiry at: Homeworkfy@gmail.com Visit our Site for More Tutorials: (http://homeworkfy.com/ ) (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization (TCO A) When a corporation distributes a dividend, _____. (Points : 5) 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......

Words: 1295 - Pages: 6

Acct 504 Final Exam Solution

...ACCT 504 Final Exam Solution http://hwguiders.com/downloads/acct-504-final-exam-solution ACCT 504 Final Exam Solution (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......

Words: 1242 - Pages: 5

Acct 504 Week 8 Final Exam All 4 Sets – Devry

...ACCT 504 WEEK 8 FINAL EXAM ALL 4 SETS – DEVRY To purchase this, Click here http://www.coursehomework.com/product/acct-504-week-8-final-exam-all-4-sets-devry/ Contact us at: help@coursehomework.com ACCT 504 WEEK 8 FINAL EXAM ALL 4 SETS - DEVRY ACCT 504 SET 1 Question 1. 1. (TCOs A, B, and C) Which type of corporate information is not available to investors? (Points : 3) Dividend history Forecast of cash needs for the upcoming year Cash provided by investing activities Beginning cash balance Question 2. 2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called (Points : 3) accounts payable. notes receivable. taxes payable. bonds payable. Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3) operating activities. investing activities. financing activities. delivering activities. Question 4. 4. (TCO A) The cost of assets consumed or services used is also known as (Points : 3) a revenue. an expense. a liability. an asset. Question 5. 5. (TCO C) Finley Company recorded the following cash transactions for the year. Paid $90,000 for salaries Paid $40,000 to purchase office equipment Paid $10,000 for utilities Paid $4,000 in dividends Collected $150,000 from customers What was Finley’s net cash provided by operating activities? (Points : 3) $50,000 $10,000 $60,000 $46,000 Question 6. 6. (TCO A) On a classified balance sheet, prepaid insurance is classified......

Words: 2555 - Pages: 11

Devry Acct 212 Week 8 Final Exam-Latest 2015 Winters

...Devry ACCT 212 Week 8 Final Exam-Latest 2015 Winters IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/Devry-ACCT-212-Week-8-Final-Exam-Latest-2015-Winters-040404445920.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question(TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries (10 points) and (2) provide an example of the application of the debit/credit rules in the form of a journal entry. (10 points)(Points : 20) (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented. (10 points) (Points : 20) (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the First in First out (FIFO) method is applied (10 points) and (2) provide an example of the impact that...

Words: 325 - Pages: 2

Devry Acct 504 Week 8 Final Exam-2015 Latest (Graded Solution)

...DeVry ACCT 504 Week 8 Final Exam-2015 Latest (Graded Solution) IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/DeVry-ACCT-504-Week-8-Final-Exam-2015-Latest-533344120330.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question Week 8 : Final Exam - Final Exam Page 1 Question 1. 1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization Question 2. 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5) 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 Question 3. 3. (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 What did Cerner Company show as total credits? (Points : 5) $21,500 $21,000 $20,500 $22,000 Question 4. 4. (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5) when they are incurred, whether or not cash is......

Words: 1850 - Pages: 8

Acct 504 Week 8 Final Exam All 4 Sets – Latest

...ACCT 504 WEEK 8 FINAL EXAM ALL 4 SETS – LATEST A+ Graded Tutorial Available At: http://hwsoloutions.com/?product=week-8-final-exam-all-4-sets-latest Visit Our website: http://hwsoloutions.com/ Product Description ACCT 504 Week 8 Final Exam All 4 Sets – Latest, Question 1. 1. (TCOs A, B, and C) Which type of corporate information is not available to investors? (Points : 3) Dividend history Forecast of cash needs for the upcoming year Cash provided by investing activities Beginning cash balance Question 2. 2. (TCO C) Debt securities sold to investors that must be repaid at a particular date some years in the future are called (Points : 3) accounts payable. notes receivable. taxes payable. bonds payable. Question 3. 3. (TCO C) Buying and selling products are examples of (Points : 3) operating activities. investing activities. financing activities. delivering activities. Question 4. 4. (TCO A) The cost of assets consumed or services used is also known as (Points : 3) a revenue. an expense. a liability. an asset. Question 5. 5. (TCO C) Finley Company recorded the following cash transactions for the year. Paid $90,000 for salaries Paid $40,000 to purchase office equipment Paid $10,000 for utilities Paid $4,000 in dividends Collected $150,000 from customers What was Finley’s net cash provided by operating activities? (Points : 3) $50,000 $10,000 $60,000 $46,000 Question 6. 6. (TCO A) On a classified balance sheet, prepaid insurance is......

Words: 468 - Pages: 2

Devry Acct 504 Final Exam

...Devry ACCT 212 Week 8 Final Exam-Latest 2015 Winters IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/Devry-ACCT-212-Week-8-Final-Exam-Latest-2015-Winters-040404445920.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question(TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries (10 points) and (2) provide an example of the application of the debit/credit rules in the form of a journal entry. (10 points)(Points : 20) (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented. (10 points) (Points : 20) (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the First in First out (FIFO) method is applied (10 points) and (2) provide an example of the impact that...

Words: 325 - Pages: 2

Devry Acct 212 Week 8 Final Exam-Latest 2015 Winters

...Devry ACCT 212 Week 8 Final Exam-Latest 2015 Winters IF You Want To Purchase A+ Work then Click The Link Below For Instant Down Load http://www.hwspeed.com/Devry-ACCT-212-Week-8-Final-Exam-Latest-2015-Winters-040404445920.htm?categoryId=-1 IF You Face Any Problem Then E Mail Us At JOHNMATE1122@GMAIL.COM Question(TCO 3) At the end of the period it is necessary to close all temporary accounts. (1) Explain why this process is required (10 points) and (2) provide an example of the closing of an expense account, Salary Expense in the form of a journal entry. (10 points) (Points : 20) (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Explain how the debit/credit rules are used when developing journal entries (10 points) and (2) provide an example of the application of the debit/credit rules in the form of a journal entry. (10 points)(Points : 20) (TCO 5) Internal Control Procedures are required to safeguard company assets and to ensure ethical operation of the business. (1) Explain how limited access can satisfy the purpose of internal control (10 points) and (2) provide an example of how this control could be implemented. (10 points) (Points : 20) (TCO 4) Inventory valuation methods determine the cost of goods sold and the inventory balance. (1) Explain how the First in First out (FIFO) method is applied (10 points) and (2) provide an example of the impact that...

Words: 325 - Pages: 2

Acct 504 Final Exam Solution

...ACCT 504 Final Exam Solution To Buy this Class Copy & paste below link in your Brower http://homeworkregency.com/downloads/acct-504-final-exam-solution/ Or Visit Our Website Visit : http://www.homeworkregency.com Email Us : homeworkregency@gmail.com ACCT 504 Final Exam Solution (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) Reduced legal liability for investors Harder to transfer ownership Lower taxes Most common form of organization (TCO A) When a corporation distributes a dividend, _____. (Points : 5) 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 ......

Words: 1299 - Pages: 6