Acct 504 Midterm Solution

ACCT 504 Midterm Solution

http://www.homework-bank.com/downloads/acct-504-midterm-solution/

ACCT 504 Midterm Solution

1. Question: (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect?

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

3. Question: (TCO C) Which activities involve putting the resources of the business into action to generate a profit?

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

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

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

7. Question: (TCO A) An intangible asset:

8. Question: (TCO A) These are selected account balances on December 31, 2007.

-Land (location of the corporation’s office building) $200,000

-Land (held for future use) 300,000

-Corporate Office Building 1,200,000

-Inventory 400,000

-Equipment 900,000

-Office Furniture 200,000

-Accumulated Depreciation 600,000

What is the total NET amount of property, plant, and equipment that will appear on the balance sheet?

9. Question: (TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share?

10. Question: (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year?

11. Question: (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. Should a journal entry be made on March 6? Why or why not?

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

13. Question:...