Acc 557 wk 7 : 15 m/c questions :

Week 7 Quiz Questions

 

Multiple Choice Question 178

 

 

To limit as unless resources in the accounting significance, goods must be

 

 

 

 

 

 

 

D

physically extracted in operations.

 

 

 

Multiple Choice Question 122

 

 

 

 

Sargent Corporation bought equipment on January 1, 2013. The equipment absorb $180,000 and had an expected salvage esteem of $30,000. The vivacity of the equipment was estimated to be 6 years. The body esteem of the equipment at the foundation of the third year using straight-line diminution would be

 

 

 

 

 

 

 

 

 

 

 

Multiple Choice Question 207

 

 

Rooney Company incurred $420,000 of examination and product absorb in its laboratory to enunciate a obvious supposing on January 1, 2013. On July 31, 2013, Rooney hired $63,000 coercion allowable fees in a prosperous resistance of the obvious. The undiminished aggregate debited to Obviouss through July 31, 2013, should be:

 

 

 

 

 

 

 

 

 

 

Multiple Choice Question 92

 

 

 

 

Beneficial vivacity is explicit in provisions of reason expected from the asset underneathneath the

 

 

 

 

B

declining-balance system.

 

 

C

units-of-activity system.

 

 

 

 

 

Multiple Choice Question 114

 

 

Moreno Company purchased equipment coercion $675,000 on January 1, 2012, and procure reason the double-declining-balance system of diminution. It is estimated that the equipment procure own a 3-year vivacity and a $30,000 salvage esteem at the purpose of its reasonful vivacity. The aggregate of diminution expenditure revulgar in the year 2014 procure be

 

 

 

 

 

 

 

 

 

 

 

Multiple Choice Question 158

 

 

The body esteem of an asset procure similar its just traffic esteem at the bound of sale if

 

 

A

a bring-abextinguished on classification is recitative.

 

 

B

the establish asset is largely depreciated.

 

 

C

no bring-abextinguished or dropping on classification is recitative.

 

 

D

a dropping on classification is recitative.

 

 

 

Multiple Choice Question 154

 

 

If classification of a establish asset occurs during the year, diminution is

 

 

A

not recitative if the asset is scrapped.

 

 

B

recitative coercion the faction of the year to the bound of the classification.

 

 

C

recitative coercion the undiminished year.

 

 

D

not recitative coercion the year.

 

 

 

Multiple Choice Question 141

 

 

A greater helplessness resulting from the reason of securitys is that

 

A

interest must be hired on a interrupted foundation.

 

 

B

bondholders own voting hues.

 

 

 

 

D

earnings per portion-extinguished may be lowered.

 

 

 

Multiple Choice Question 173

 

 

A $600,000 security was desert at 103 when the carrying esteem of the security was $622,000. The still n ess to annals the concavity would conceive a

 

A

bring-abextinguished on security compensation of $18,000.

 

 

B

bring-abextinguished on security compensation of $4,000.

 

 

C

dropping on security compensation of $18,000.

 

 

D

dropping on security compensation of $12,000.

 

 

 

Multiple Choice Question 199

 

 

The 2013 financial statements of Marker Co. hold the cethcoming clarified facts (in millions).

 

 

Vulgar Goods

$75

 

Undiminished Goods

140

 

Vulgar Liabilities

40

 

Undiminished Liabilities

95

 

Cash

8

 


The claim to undiminished goods ratio is

 

 

 

 

 

 

 

 

On September 1, Joe’s Painting Service borrows $100,000 from National Bank on a 4-month, $100,000, 6% still n ess. What still n ess must Joe’s Painting Service shape on December 31 anteriorly financial statements are disposed?

 

A

Interest Expenditure2,000

           Notes Payable2,000

 

 

 

 

B

Interest Expenditure2,000

           Interest Payable2,000

 

 

 

 

C

Interest Payable2,000

           Interest Expenditure2,000

 

 

 

 

D

Interest Expenditure6,000

           Interest Payable6,000

 

 

Multiple Choice Question 65

 

 

 

 

The relationship of vulgar goods to vulgar liabilities is reasond in evaluating a company’s

 

 

 

 

 

C

revenue-producing cece.

 

 

D

short-term claim paying cece.

 

 

 

Multiple Choice Question 160

 

 

Each of the cethcoming accounts is reputed as long-term liabilities except

 

A

Discount on Securitys Payable.

 

 

 

 

C

Premium on Securitys Payable.

 

 

 

 

 

Multiple Choice Question 67

 

 

In most companies, vulgar liabilities are hired within

 

A

the frank cycle through the fabrication of other vulgar liabilities.

 

 

B

one year through the fabrication of other vulgar liabilities.

 

 

C

one year or the frank cycle extinguished of vulgar goods.

 

 

D

the frank cycle extinguished of vulgar goods.

 

 

 

Multiple Choice Question 157

 

 

Hernandez Corporation issues 3,000, 10-year, 8%, $1,000 securitys boundd January 1, 2013, at 98. The journal still n ess to annals the issuance procure demonstration a

 

A

debit to Cash coercion $2,960,000.

 

 

B

debit to Cash of $3,000,000.

 

 

C

credit to Discount on Securitys Payable coercion $60,000.

 

 

D

credit to Securitys Payable coercion $3,040,000.

 

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