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ACC 291 Final Exam

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Question;ACC 291 Final Exam;1);The Sarbanes-Oxley Act requires that all publicly traded companies maintain a;system of internal controls. Internal controls can be defined as a plan to;2);The purchase of treasury stock;3);Marsh Company has other operating expenses of $240,000. There has been an;increase in prepaid expenses of $16,000 during the year, and accrued;liabilities are $24,000 lower than in the prior period. Using the direct method;of reporting cash flows from operating activities, what were Marsh's cash;payments for operating expenses?;4);Where would the event purchased land for cash appear, if at all, on the;indirect statement of cash flows?;5);In performing a vertical analysis, the base for cost of goods sold is;6);Blanco, Inc. has the following income statement (in millions);7);Dawson Company issued 500 shares of no-par common stock for $4,500. Which of;the following journal entries would be made if the stock has a stated value of;$2 per share?;8);Andrews, Inc. paid $45,000 to buy back 9,000 shares of its $1 par value common;stock. This stock was sold later at a selling price of $6 per share. The entry;to record the sale includes a;9);Which of the following is a fundamental factor in having an effective, ethical;corporate culture?;10);Two individuals at a retail store work the same cash register. You evaluate;this situation as;11);The Sarbanes-Oxley Act imposed which new penalty for executives?;12);Hahn Company uses the percentage of sales method for recording bad debts;expense. For the year, cash sales are $300,000 and credit sales are $1,200,000.;Management estimates that 1% is the sales percentage to use. What adjusting;entry will Hahn Company make to record the bad debts expense?;13);Using the percentage of receivables method for recording bad debts expense;estimated uncollectible accounts are $15,000. If the balance of the Allowance;for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of;bad debts expense for that period?;14);Intangible assets;15);Intangible assets are the rights and privileges that result from ownership of;long-lived assets that;16);The book value of an asset is equal to the;17);Gains on an exchange of plant assets that has commercial substance are;18);Ordinary repairs are expenditures to maintain the operating efficiency of a;plant asset and are referred to as;19);When an interest-bearing note matures, the balance in the Notes Payable account;is;20);The interest charged on a $200,000 note payable, at a rate of 6%, on a 2-month;note would be;21);Costs incurred to increase the operating efficiency or useful life of a plant;asset are referred to as;22);If a corporation issued $3,000,000 in bonds which pay 10% annual interest, what;is the annual net cash cost of this borrowing if the income tax rate is 30%?;23);Hilton Company issued a four-year interest-bearing note payable for $300,000 on;January 1, 2011. Each January the company is required to pay $75,000 on the;note. How will this note be reported on the December 31, 2012 balance sheet?;24);A corporation issued $600,000, 10%, 5-year bonds on January 1, 2011 for;648,666, which reflects an effective-interest rate of 8%. Interest is paid;semiannually on January 1 and July 1. If the corporation uses the;effective-interest method of amortization of bond premium, the amount of bond;interest expense to be recognized on July 1, 2011, is;25);When the effective-interest method of bond discount amortization is used;26);If a corporation has only one class of stock, it is referred to as;27);Capital stock to which the charter has assigned a value per share is called;28);ABC, Inc. has 1,000 shares of 5%, $100 par value, cumulative preferred stock;and 50,000 shares of $1 par value common stock outstanding at December 31;2011. What is the annual dividend on the preferred stock?;29);Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred;stock and 20,000 shares of $1 par value common stock outstanding at December;31, 2011. There were no dividends declared in 2010. The board of directors;declares and pays a $45,000 dividend in 2011. What is the amount of dividends;received by the common stockholders in 2011?;30);When the selling price of treasury stock is greater than its cost, the company;credits the difference to

 

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