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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
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Which of the following should be included in the acquisition cost of a piece of equipment? a. transportation costs b. testing costs prior to placing the equipment into production c. installa
Which of the following should be included in the acquisition cost of a piece of equipment?  a. transportation costs       b. testing costs prior to placing the equipment into production       c. installation costs       d. all are Correct. A capital expenditure results in a debit to  a. a liability account       b. an asset account       c. a capital account       d. an expense accoun All of the following below are needed for the calculation of straight-line depreciation except  a. residual value       b. units produced       c. estimated life       d. cost The method of determining depreciation that yields successive reductions in the periodic depreciation charge over the estimated life of the asset is  a. time-valuation       b. straight-line       c. declining-balance       d. units-of-production When the amount of use of a fixed asset varies from year to year, the method of determining depreciation expense that best matches allocation of cost with revenue is  a. MACRS  b. declining-balance       c. units-of-production       d. straight-line A machine with a cost of $75,000 has an estimated residual value of $5,000 and an estimated life of 4 years or 18,000 hours. What is the amount of depreciation for the second full year, using the double declining-balance method?  a. $16,667  b. $17,500  c. $37,500  d. $18,750 Computer equipment was acquired at the beginning of the year at a cost of $65,000 that has an estimated residual value of $3,000 and an estimated useful life of 5 years. Determine the 2nd year's depreciation using straight-line depreciation.  a. $13,000  b. $24,800  c. $12,400  d. $26,000 An asset was purchased for $120,000 on January 1, 2010 and originally estimated to have a useful life of 10 years with a residual value of $10,000. At the beginning of 2012, it was determined that the remaining useful life of the asset was only 4 years with a residual value of $2,000. Calculate the 2012 depreciation expense using the revised amounts and straight line method.  a. $25,000  b. $24,000  c. $24,500  d. $11,000 A fixed asset with a cost of $30,000 and accumulated depreciation of $28,500 is sold for $3,500. What is the amount of the gain or loss on disposal of the fixed asset?  a. $2,000 loss       b. $1,500 loss       c. $3,500 gain       d. $2,000 gain When a company discards machinery that is fully depreciated, this transaction would be recorded with the following entry  a. debit Depreciation Expense; credit Accumulated Depreciation       b. debit Machinery; credit Accumulated Depreciation       c. debit Accumulated Depreciation; credit Machinery       d. debit Cash; credit Accumulated Depreciation When a company sells machinery at a price equal to its book value, this transaction would be recorded with an entry that would include the following:  a. debit Cash and Machinery; credit Accumulated Depreciation       b. debit Machinery; credit Cash and Accumulated Depreciation       c. debit Cash and Depreciation Expense; credit Accumulated Depreciation       d. debit Cash and Accumulated Depreciation; credit Machinery On December 31, Strike Company has decided to discard one of its batting cages. The initial cost of the equipment was $215,000 with an accumulated depreciation of $185,000. Depreciation has been taken up to the end of the year. The following will be included in the entry to record the disposal.  a. Loss on Disposal of Asset Dr. $185,000       b. Equipment Cr. $215,000       c. Gain on Disposal of Asset Cr. $30,000       d. Accumulated Depreciation Dr. $215,000 On December 31, Strike Company has decided to sell one of its batting cages. The initial cost of the equipment was $215,000 with an accumulated depreciation of $185,000. Depreciation has been taken up to the end of the year. The company found a company that is willing to buy the equipment for $30,000. What is the amount of the gain or loss on this transaction?  a. Gain of $30,000       b. Cannot be determined       c. Loss of $30,000       d. No gain or loss Expenditures for research and development are generally recorded as  a. current assets       b. current operating expenses  c. assets and amortized over 40 years       d. assets and amortized over their estimated useful life The term applied to the amount of cost to transfer to expense resulting from a decline in the utility of intangible assets is  a. depletion       b. allocation       c. depreciation       d. amortization On June 8, Alton Co. issued an $90,000, 6%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note?  a. $90,450  b. $91,800  c. $95,400  d. $90,000 On June 8, Alton Co. issued an $80,000, 6%, 120-day note payable on an overdue account payable to Seller Co. Assume that the fiscal year of Alton Co. ends June 30. Which of the following relationships is true?  a. Alton is the borrower and debits Accounts Payable       b. Alton is the creditor and credits Accounts Receivable       c. Seller is the creditor and debits Accounts Receivable       d. Seller is the borrower and credits Accounts Payable The journal entry a company uses to record the issuance of an interest-bearing note for the purpose of borrowing funds for the business is  a. debit Accounts Payable; credit Notes Payable       b. debit Notes Payable; credit Cash       c. debit Cash; credit Notes Payable       d. debit Cash and Interest Expense; credit Notes Payable A current liability is a debt that can reasonably expected to be paid  a. out of cash currently on hand.       b. within one year.       c. between 6 months and 18 months.       d. out of currently recognized revenues. Proper payroll accounting methods are important for a business for all the reasons below except  a. to help a business with cash flow problems by delayed payments of payroll taxes to federal and state agencies.       b. payroll and related payroll taxes have a significant effect on the net income of most businesses.       c. payroll is subject to various federal and state regulations.       d. good employee morale requires timely and accurate payroll payments.
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pay would include a a. Credit to Salaries Expense for $9,425 b. debit to Salaries Payable for $14,000 c. Credit to Salaries Payable for $9,425 d. Debit to Salaries Payable for $9,425 Which of the following will have no effect on an employee's take-home pay? a. Unemployment tax b. Number of exemptions claimed c. Marital status d. Social security tax Assuming no employees are subject to ceilings for their earnings, Moore Company has the following information for the pay period of December 15 - 31, 20xx. Salaries Payable would be recorded for a. $11,534 b. $12,650 c. $12,950 d. $18,000 Assume that social security taxes are payable at a 6% rate on the first $100,000 of earnings and Medicare taxes are payable at a 1.5% rate with no maximum earnings, and that federal and state unemployment compensation taxes total 4.6% on the first $7,000 of earnings. If an employee, George Jones, earns $2,500 for the current week and Jones' year-to-date earnings before this week were $6,800, what is the total payroll taxes related to the current week? a. $196.70 b. $344.50 c. $9.20 d. $187.50 One of the main disadvantages of the corporate form is the a. charter b. corporation must issue stock c. professional management d. double taxation of dividends Which of the following is not a right possessed by common stockholders of a corporation? a. the right to vote in the election of the board of directors b. the right to receive a minimum amount of dividends c. the right to sell their stock to anyone they choose d. the right to share in assets upon liquidation If common stock is issued for an amount greater than par value, the excess should be credited to a. Retained Earnings. b. Cash. c. Legal Capital. d. Paid-in Capital in Excess of Par Value. Alma Corp. issues 1,000 shares of $10 par value common stock at $16 per share. When the transaction is recorded, credits are made to: a. Common Stock $10,000 and Paid-in Capital in Excess of Par Value $6,000. b. Common Stock $10,000 and Retained Earnings $6,000. c. Common Stock $10,000 and Paid-in Capital in Excess of Stated Value $6,000. d. Common Stock $16,000. On January 1, 20xx, Swenson Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $20.00 per share. On February 1, 20xx, Swenson purchased 2,000 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1, 20xx. The journal entry to record the purchase of the treasury shares on February 1, 20xx, would include a a. debit to a loss account for $6,000 b. credit to a gain account for $6,000. c. debit to Treasury Stock for $48,000. d. credit to Treasury Stock for $48,000. Which of the following is the appropriate general journal entry to record the declaration of a cash dividends? a. b. ...(15163 more words & 1 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
library
The following information is available for Dorman Company: Which of the following statements is correct?
The following information is available for Dorman Company: Which of the following statements is correct? a. The dividend yield is 16.7%, which is of interest to bondholders.     b. The dividend yield is 6.0%, which is of interest to investors seeking an increase in market price of their stocks.     c. The dividend yield is 16.7% which is an important measure of solvency.     d. The dividend yield is 6.0%, which is of special interest to investors seeking to earn revenue on their investments.                                       
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ch is an important measure of solvency. d. The dividend yield is 6.0%, whi...(55 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
library
The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $115,000 and interest expense is $30,000 for 2012, and the market price is $30, Wh
The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $115,000 and interest expense is $30,000 for 2012, and the market price is $30, What is the price-earnings ratio on common stock for 2012 (Round intermediate calculation to two decimal place and final answers to one decimal place)?
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c. 1...(19 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
library
The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $115,000 and interest expense is $30,000 for 2012, what are the earnings per share
The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $115,000 and interest expense is $30,000 for 2012, what are the earnings per share on common stock for 2012, (round to two decimal places)?
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1.77a. $...(19 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
library
The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $115,000 and interest expense is $30,000 for 2012, what is the rate earned on stoc
The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $115,000 and interest expense is $30,000 for 2012, what is the rate earned on stockholders' equity for 2012 (round percent to one decimal point)?
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0%a. 10....(20 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
library
The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $115,000 and interest expense is $30,000 for 2012 what is the rate earned on total
The balance sheets at the end of each of the first two years of operations indicate the following: If net income is $115,000 and interest expense is $30,000 for 2012 what is the rate earned on total assets for 2012 (round percent to one decimal point)?
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0% b....(19 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
library
A company with $70,000 in current assets and $50,000 in current liabilities pays a $1,000 current liability. As a result of this transaction, the current ratio and working capital will a. Increase an
A company with $70,000 in current assets and $50,000 in current liabilities pays a $1,000 current liability. As a result of this transaction, the current ratio and working capital will a. Increase and remain the same, respectively.      b. Both decrease.      c. Remain the same and decrease, respectively.      d. Both increase.                                         
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d decrease, respectively. d. Both increase.A company with $70...(61 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
library
Which of the following ratios provides a solvency measure that shows the margin of safety of bondholders and also gives an indication of the potential ability of the business to borrow additional fun
Which of the following ratios provides a solvency measure that shows the margin of safety of bondholders and also gives an indication of the potential ability of the business to borrow additional funds on a long-term basis? a. Rate earned on stockholders' equity      b. Ratio of fixed assets to long-term liabilities      c. Ratio of net sales to assets      d. Number of days' sales in receivables                                        
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ability of the business to borrow additional funds on a long-term basis? a. R...(66 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
library
Based on the following data for the current year, what is the number of days' sales in inventory?
Based on the following data for the current year, what is the number of days' sales in inventory?
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4.4a. 7...(19 more words & 0 attachments).
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MuhammadYousaf
 MuhammadYousaf
posted
Mar 4 2014 
library
Based on the following data for the current year, what is the inventory turnover?
Based on the following data for the current year, what is the inventory turnover?
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. 3.0 ...(39 more words & 0 attachments).
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