Accounting

1. ACCT 504 FINAL EXAM PLEASE DOWNLOAD HERE1. (TCO A) Which of the following is an harvest-feast of the sole proprietorshiprelative to the corporate form of business organization? (Points : 5)Limited liability of investorTransferability of ownershipSimple to establishUnlimited life2. (TCO A) Dividends _____. (Points : 5)represent an get down and atomic number 18 an operational activityrepresent an obligation and are an operating activityrepresent a distribution of earnings and are a funding activityrepresent an asset and are an investing activity3. (TCOs A, B) Below is a uncomplete list of account balances for LBJ Company:Cash $15,000Prepaid restitution 5,000Accounts receivable 2,500Accounts payable 3,000Notes payable 6,000Common stock 10,000Dividends 500Revenues 15,000Expenses 13,000What did LBJ Company project as total debits? 2. (Points : 5)$34,000$36,000$70,000$31,0004. (TCOs B, E) Why is the accrual instauration of bill preferent by GAAP?(Points : 5)The accumula tion nates is easier to use.The aggregation al-Qaida is also preferred by the Internal Revenue Service.The Accrual bum complies with the revenue recognition and matching principles.The Accrual basis requires fewer accounting resources.5. (TCO D) In a cessation of depart magnitude prices, which inventory exist flow assumption channelise result in the highest derive of net income?

(Points : 5)LIFOThe average court methodFIFOIncome tax expense for the period will be the very(prenominal) under all assumptions.6. (TCOs A, E) Equipment was purchased for $75,000 on January 1, 2011.Freight charges of $3,200 were incurred and there was a cost of $6,000 forinstallation. It is estimated the equipment will have a $12,000 salvage value! at theend of its 5-year useful life. Depreciation expense for 2011 using the straight-linemethod will be _____. (Points : 5)$13,800$14,440$12,600$13,240 3. 7. (TCO D,G) Payne Corporation issues 100 twenty-year, 6%, $1,000 bondsdated July 1, 2010, at 94. The journal accounting entry to record the issuance will show a_____. (Points : 5)debit to Cash of...If you indirect request to get a abundant essay, order it on our website: OrderEssay.net

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