Account 504 Midterm

ACCT 504 Midterm Exam

(Accounting and Finance; Managerial Use & Analysis - DeVry)

(More than 60 MCQs and explanatory answers)

DOWNLOAD

Week 4 Midterm 1

1. TCO A, B, C) Which of the following statements concerning users of accounting….?

2. (TCO C) Issuing shares of stock in exchange for cash is an example of a(n)

3. (TCO C) Which activities involve putting the resources of the business into action…?

4. (TCO A) The cost of assets consumed or services used is also known as

5. (TCO C) Edwards Company recorded the following cash transactions for the year

6. (TCO A) On a classified balance sheet, prepaid insurance is classified as

7. (TCO A) An intangible asset

8. (TCO A) These are selected account balances on December 31, 2007….....What is the total NET amount of property, plant, and equipment that will appear……?

9. (TCO B) For 2010, Landford Corporation reported net income of $30,000;……

10. (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000…..?

11. (TCO D) On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month…

12. (TCO D) Which one of the following is not a part of an account?

13. (TCO D) Which of the following describes the classification and normal balance…?

14. (TCO D) A debit is the normal balance for which account listed below?

15. (TCO D) Which of the following accounts follows the rules of debit and credit……

16. (TCO E) An accounting time period that is one year in length is called

17. (TCO E) In a merchandising business, revenue may be considered earned when

18. (TCO E) On April 1, 2010, M Corporation paid $48,000 cash for equipment tha ….

19. (TCO E) The following is selected information from M Corporation for the fiscal year ending October 31, 2010:…, what is M Corporation's net income for the year ending….?

20. (TCO E) Adjusting entries are made to ensure that

21. (TCO A, B) Which of the following expressions is...