ACC 255 Final Exam Review Fall 2022

Interest on a 3-month, 10%, $10,000 note receivable is

Machine cost: $480,000; Salvage value: $30,000; Useful life: 5 years. Book value at the end of year 2?

Which of the following measures a company's short-term ability to pay its obligations when due?

A/R =$50000; Allowance for Doubtful Accounts = $1000; 5% of A/R estimated to be uncollectible; Bad debt expense=

A company had 80000 shares authorized, 50,000 shares issued, 4000 shares held in treasury. Total shares outstanding =

Gross profit equals the difference between net sales and

A company purchased the copyright to a book for $63,000, useful life-3 years. Legal life-50, Amortization expense=

On the balance sheet, treasury stock is properly classified as

An annual physical count of inventory should be made under

An asset with a cost of $54000 and accum depr of $30000 was sold for $27000. The entry to record this would include a

Equipment was purchased for $60000; Useful life=8 years, Salvage value=$6000; Depreciation expense for YEAR 2=

Which of the following should not be included in the cost of land?

When a magazine company receives advance payment for a subscription, it

Which of the following is least likely to be classified as a current liability?

Which of the following characteristics are more closely associated with preferred stock EXCEPT?

Which inventory costing method matches recent costs with recent revenues?

Bonds with a face value of $10,000 were sold at 97. The journal entry to record this sale would debit cash for

Which of these is NOT a major advantage of a corporation?

Beginning Inventory=$60,000; Purchases: $380,000; Ending Inventory=$50,000, what is COGS?

The maximum number of shares of common stock that may be issued according to the corporation's charter is referred to as

When bonds sell at a discount, what is the relationship of the contractual rate to the current market rate of interest?