Devry Acct 504 Week 8 Final Exam-2015 Latest

DeVry ACCT 504 Week 8 Final Exam-2015 Latest

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Question

Week 8 : Final Exam - Final Exam

Page 1

Question 1. 1. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5)

Reduced legal liability for investors

Harder to transfer ownership

Lower taxes

Most common form of organization

Question 2. 2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)

the most common form of distribution is a cash dividend

the Dividends account will be increased with a credit

the Retained Earnings account will be directly increased with a debit

the Dividends account will be decreased with a debit

Question 3. 3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:

Cash $5,000

Prepaid insurance 500

Accounts receivable 2,500

Accounts payable 2,000

Notes payable 3,000

Common stock 1,000

Dividends 500

Revenues 15,000

Expenses 12,500

What did Cerner Company show as total credits? (Points : 5)

$21,500

$21,000

$20,500

$22,000

Question 4. 4. (TCOs B, E) Using accrual accounting, expenses are recorded and reported only _____. (Points : 5)

when they are incurred, whether or not cash is paid

when they are incurred and paid at the same time

if they are paid before they are incurred

if they are paid after they are incurred

Question 5. 5. (TCO D) Three companies report the same cost of goods available for sale, but each employs a different inventory costing method. If the price of goods has increased during the period, then the company using _____. (Points : 5)

LIFO will have the highest ending inventory

FIFO will have the highest cost of goods sold

All three companies will have...