Acct 504 Final Exam

. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) splay legal liability for investors Harder to transfer ownership Lower taxes nearly universal form of organization 2. (TCO A) The Dividends account _____. (Points : 5) is increased with a debit is decreased with a credit is not an disbursal account All of the above 3. (TCOs A, B) Below is a fond(p) derivative list of account balances for Cerner friendship: Cash $5,000 prepaid insurance 500 Accounts receivable 2,500 Accounts payable 2,000 Notes payable 3,000 general stock 1,000 Dividends 500 Revenues 15,000 Expenses 12,500 What did Cerner Company show as thorough credits? (Points : 5) $21,500 $21,000 $20,500 $22,000 4. (TCOs B, E) A smaller and private company whitethorn be able to rationalise victimisation a specie basis of accounting if it has _____.

(Points : 5) gross revenue under $1,000,000 no accountants on staff insignificant receivables and payables all gross gross sales and purchases on account 5. (TCO D) Two companies report the same ground of goods lendable for sale, but each employs a different take stock be method. If the price of goods has increased d uring the period, then the company using ___! __. (Points : 5) last in first out entrust secern over the highest termination inventory FIFO will hit the highest cost of goods sold FIFO will have the highest ending inventory last in first out will have the lowest cost of goods sold 6. (TCOs A, E) Equipment with a cost of $192,000 has an estimated salvage value of $18,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated by the straight-line method. What is the amount of depreciation for the first...If you want to progress to for a full essay, order it on our website: OrderEssay.net

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