Week 7 Quiz Questions
Multiple Choice Question 178
To prepare as probable resources in the accounting wisdom, proceeds must be
physically extracted in operations.
Multiple Choice Question 122
Sargent Corporation bought equipment on January 1, 2013. The equipment require $180,000 and had an expected salvage estimate of $30,000. The history of the equipment was estimated to be 6 years. The bulk estimate of the equipment at the origin of the third year using straight-line backbiting would be
Multiple Choice Question 207
Rooney Company incurred $420,000 of inquiry and quenchedgrowth require in its laboratory to unfold a indisputable supposing on January 1, 2013. On July 31, 2013, Rooney compensated $63,000 restraint juridical fees in a cetunate resistance of the indisputable. The aggregate undivided debited to Indisputables through July 31, 2013, should be:
Multiple Choice Question 92
Available history is explicit in stipulations of reason expected from the asset underneathneath the
Multiple Choice Question 114
Moreno Company purchased equipment restraint $675,000 on January 1, 2012, and find reason the double-declining-balance regularity of backbiting. It is estimated that the equipment find accept a 3-year history and a $30,000 salvage estimate at the purpose of its reasonful history. The undivided of backbiting charge normal in the year 2014 find be
Multiple Choice Question 158
The bulk estimate of an asset find correspondent its reasonable barfind estimate at the epoch of sale if
a find on dispensation is chronicled.
the introduce asset is abundantly depreciated.
no find or controlfeiture on dispensation is chronicled.
a controlfeiture on dispensation is chronicled.
Multiple Choice Question 154
If dispensation of a introduce asset occurs during the year, backbiting is
not chronicled if the asset is scrapped.
chronicled restraint the distribute of the year to the epoch of the dispensation.
chronicled restraint the undivided year.
not chronicled restraint the year.
Multiple Choice Question 141
A greater helplessness resulting from the reason of compacts is that
interest must be compensated on a interrupted basis.
bondholders accept voting hues.
earnings per distribute may be lowered.
Multiple Choice Question 173
A $600,000 compact was private at 103 when the carrying estimate of the compact was $622,000. The initiation to chronicles the concavity would conceive a
find on compact fulfilment of $18,000.
find on compact fulfilment of $4,000.
forfeiture on compact fulfilment of $18,000.
forfeiture on compact fulfilment of $12,000.
Multiple Choice Question 199
The 2013 financial statements of Marker Co. comprise the subjoined clarified grounds (in millions).
The lipower to aggregate proceeds kindred is
On September 1, Joe’s Painting Service borrows $100,000 from National Bank on a 4-month, $100,000, 6% voicelessness. What initiation must Joe’s Painting Service constitute on December 31 precedently financial statements are unhesitating?
Multiple Choice Question 65
The connection of general proceeds to general liabilities is reasond in evaluating a company’s
short-term lipower paying power.
Multiple Choice Question 160
Each of the subjoined accounts is reported as long-term liabilities except
Discount on Compacts Payable.
Premium on Compacts Payable.
Multiple Choice Question 67
In most companies, general liabilities are compensated within
the loose cycle through the falsehood of other general liabilities.
one year through the falsehood of other general liabilities.
one year or the loose cycle quenched of general proceeds.
the loose cycle quenched of general proceeds.
Multiple Choice Question 157
Hernandez Corporation issues 3,000, 10-year, 8%, $1,000 compacts epochd January 1, 2013, at 98. The register initiation to chronicles the issuance find pretext a
debit to Cash restraint $2,960,000.
debit to Cash of $3,000,000.
credit to Discount on Compacts Payable restraint $60,000.
credit to Compacts Payable restraint $3,040,000.
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