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ACCT 504 Devry Final Latest Exam




ACCT 504 Devry Final Latest Exam;Question 1.1. (TCO A) An advantage of the corporate form of business is _____. (Points: 5);Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points: 5);Question 3.3. (TCOs A, B) Below is a partial list of account balances for LBJ Company;Cash;$12,000;Prepaid insurance;1,300;Accounts receivable;7,000;Accounts payable;5,000;Notes payable;9,000;Common stock;22,000;Dividends;2,000;Revenues;45,000;Expenses;35,000;What did LBJ Company show as total debits? (Points: 5;Question 4.4. (TCOs B, E) Which of the following statements is incorrect with regard to accrual accounting? (Points: 5);Question 5.5. (TCO D) Which inventory method will result in the lowest income taxes when prices are decreasing? (Points: 5);Question 6.6. (TCOs A, E) Equipment was purchased for $200,000. Freight charges amounted to $10,000 and there was a cost of $15,000 for building a foundation and installing the equipment. It is estimated that the equipment will have a $20,000 salvage value at the end of its 5-year useful life. Depreciation expense each year using the straight-line method will be _____. (Points: 5);Question 7.7. (TCOs D, G) When the market rate of interest is equal to the stated rate of interest on the bond, the bond will require _____. (Points: 5);Question 8.8. (TCO C) Accounts receivable arising from sales to customers amounted to $50,000 and $45,000 at the beginning and end of the year, respectively. Income reported on the income statement for the year was $150,000. Based on these transactions, the cash flows from operating activities to be reported on the statement of cash flows would be _____. (Points: 5);Question 9.9. (TCO F) Horizontal analysis is also known as _____. (Points: 5);Question 10.10. (TCO F) When performing a common-size Balance Sheet, the 100% figure is _____. (Points: 5);Question 11.11. (TCO F) Ratios are most useful in expressing _____. (Points: 5);Question 12.12. (TCO F) A common ratio to measure liquidity is the _____. (Points: 5);Question 13.13. (TCO F) Shareholders are usually most interested in evaluating _____. (Points: 5);Question 14.14. (TCO G) Which factors below impact the present value of a bond? (Points: 5)


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