Acct 504 Final Exam - 2014 Devry

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ACCT 504 Final exam - 2014 DeVry

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1. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships?
Reduced legal liability for investors
Harder to transfer ownership
Lower taxes
Most common form of organization 2. Dividends _____. represent an expense and are an operating activity represent an obligation and are an operating activity represent a distribution of earnings and are a financing activity represent an asset and are an investing activity 3. Below is a partial list of account balances for LBJ Company:
Cash $15,000
Prepaid insurance 5,000
Accounts receivable 2,500
Accounts payable 3,000
Notes payable 6,000
Common stock 10,000
Dividends 500
Revenues 15,000
Expenses 13,000
What did LBJ Company show as total debits?
$34,000
$36,000
$70,000
$31,000 4. Under the accrual basis of accounting, revenues are recorded and reported _____. when companies receive payments for jobs performed or products provided when companies have provided products or performed services when companies receive payments prior to providing products or performing services when companies receive payments after providing products or performing services 5. In a period of increasing prices, which inventory cost flow assumption will result in the highest amount of net income?
LIFO
The average cost method
FIFO
Income tax expense for the period will be the same under all assumptions.
6. Equipment was purchased for $55,000 on January 1, 2011. Freight charges of $2,200 were incurred and there was a cost of $1,800 for installation. It is estimated the equipment will have a $5,500…...

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