Acc 557 wk 7 : 15 m/c questions :

Week 7 Quiz Questions

 

Multiple Choice Question 178

 

 

To prepare as probable resources in the accounting wisdom, proceeds must be

 

 

 

 

 

 

 

D

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

 

 

 

 

B

declining-balance regularity.

 

 

C

units-of-activity regularity.

 

 

 

 

 

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

a find on dispensation is chronicled.

 

 

B

the introduce asset is abundantly depreciated.

 

 

C

no find or controlfeiture on dispensation is chronicled.

 

 

D

a controlfeiture on dispensation is chronicled.

 

 

 

Multiple Choice Question 154

 

 

If dispensation of a introduce asset occurs during the year, backbiting is

 

 

A

not chronicled if the asset is scrapped.

 

 

B

chronicled restraint the distribute of the year to the epoch of the dispensation.

 

 

C

chronicled restraint the undivided year.

 

 

D

not chronicled restraint the year.

 

 

 

Multiple Choice Question 141

 

 

A greater helplessness resulting from the reason of compacts is that

 

A

interest must be compensated on a interrupted basis.

 

 

B

bondholders accept voting hues.

 

 

 

 

D

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

 

A

find on compact fulfilment of $18,000.

 

 

B

find on compact fulfilment of $4,000.

 

 

C

forfeiture on compact fulfilment of $18,000.

 

 

D

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).

 

 

General Proceeds

$75

 

Aggregate Proceeds

140

 

General Liabilities

40

 

Aggregate Liabilities

95

 

Cash

8

 


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?

 

A

Interest Charge2,000

           Notes Payable2,000

 

 

 

 

B

Interest Charge2,000

           Interest Payable2,000

 

 

 

 

C

Interest Payable2,000

           Interest Charge2,000

 

 

 

 

D

Interest Charge6,000

           Interest Payable6,000

 

 

Multiple Choice Question 65

 

 

 

 

The connection of general proceeds to general liabilities is reasond in evaluating a company’s

 

 

 

 

 

C

revenue-producing power.

 

 

D

short-term lipower paying power.

 

 

 

Multiple Choice Question 160

 

 

Each of the subjoined accounts is reported as long-term liabilities except

 

A

Discount on Compacts Payable.

 

 

 

 

C

Premium on Compacts Payable.

 

 

 

 

 

Multiple Choice Question 67

 

 

In most companies, general liabilities are compensated within

 

A

the loose cycle through the falsehood of other general liabilities.

 

 

B

one year through the falsehood of other general liabilities.

 

 

C

one year or the loose cycle quenched of general proceeds.

 

 

D

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

 

A

debit to Cash restraint $2,960,000.

 

 

B

debit to Cash of $3,000,000.

 

 

C

credit to Discount on Compacts Payable restraint $60,000.

 

 

D

credit to Compacts Payable restraint $3,040,000.

 

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