DeVry ACCT 304 All Quizes Latest

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DeVry ACCT 304 All Quizes Latest

DeVry ACCT 304 Week 1 Quiz Latest

(TCO 1) The SEC issues accounting standards in the form of

accounting research bulletins.

financial reporting releases.

financial accounting standards.

financial technical bulletins.

:

Question 2. Question :

(TCO 2) Enhancing qualitative characteristics of accounting information include each of the following, except

timeliness.

materiality.

comparability.

verifiability.

Comments:

Question 3. Question :

(TCO 3) Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. The journal entry to record this sale would include a

credit to cash.

debit to cash discount.

debit to note receivable.

credit to note receivable.

Comments:

Question 4. Question :

(TCO 3) When a tenant makes an end-of-period adjusting entry credit to the prepaid rent account

he or she usually debits cash.

he or she usually debits an expense account.

he or she debits a liability account.

he or she does none of the above.

Comments:

Question 5. Question :

(TCO 3) Permanent accounts would not include

interest expense.

wages payable.

prepaid rent.

unearned revenues.

DeVry ACCT 304 Week 2 Quiz Latest

Question 1. Question :

(TCO 4) Cash equivalents would not include

cash not available for current operations.

money market funds.

United States Treasury bills.

bank drafts.

Question 2. Question :

(TCO 4) Which is a shareholders’ equity account in the balance sheet?

Accumulated depreciation

Paid-in capital

Dividends payable

Marketable securities

Instructor Explanation: See Chapter 3.

Points Received: 4 of 4

Comments:

Question 3. Question :

(TCO 4) Janson Corporation Co.’s trial balance included the following account balances at December 31, 2011:

Investments consist of treasury bills that were purchased in November and mature in January. Prepaid insurance is for the next 2 years. What amount should be included in the current asset section of Janson’s December 31, 2011 balance sheet?

$88.000

$85,000

$55,000

$135,000

Question 4. Question :

(TCO 4) Which of the following would be disclosed in the summary of significant accounting policies disclosure note?

Option A

Option B

Option C

Option D

Question 5. Question :

(TCO 4) Below is the partial balance sheet ($ in thousands) for Paisano Seafood Inc.

The current ratio (rounded) is

1.98.

1.58.

1.17.

0.66.

DeVry ACCT 304 Week 3 Quiz Latest

TCO 5) The distinction between operating and non-operating income relates to

continuity of income.

principal activities of the reporting entity.

consistency of income stream.

reliability of measurements.

Instructor Explanation: See Chapter 4.

Points Received: 4 of 4

Comments:

Question 2. Question :

(TCO 5) Major Co. reported a 2011 income of $300,000 from continuing operations before income taxes and a before-tax extraordinary loss of $80,000. All income is subject to a 30% tax rate. In the 2011 income statement, Major Co. would show the following line-item amounts for income tax expense and net income.

$66,000 and $210,000

$90,000 and $154,000

$90,000 and $276,000

$66,000 and $220,000

Instructor Explanation:

Points Received: 4 of 4

Comments:

Question 3. Question :

(TCO 5) The financial statement presentation of a change in depreciation method is most similar to that of reporting

changes in accounting estimates.

prior period adjustments.

ion of errors.

extraordinary items.

Instructor Explanation: See Chapter 4.

Points Received: 4 of 4

Comments:

Question 4. Question :

(TCO 5) Cash flows from investing activities do not include

proceeds from issuing bonds.

payment for the purchase of equipment.

proceeds from the sale of marketable securities.

cash outflows from acquiring land.

Instructor Explanation: See Chapter 4.

Points Received: 4 of 4

Comments:

Question 5. Question :

(TCO 5) Review Rowdy’s Restaurants cash flow (in millions):

Rowdy’s would report net cash inflows (outflows) from financing activities in the amount of

$1,100.

$(1,100).

$820.

$900.

Instructor Explanation:

Points Received: 4 of 4

Comments:

DeVry ACCT 304 Week 4 Quiz Latest

(TCO 5) For a typical manufacturing company, the most common critical point for recognizing revenue is the date>an order is received.

production is completed.

the product is delivered.

payment is received.

Question 2. Question :

(TCO 5) On December 15, 2011, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in two equal, annual installments, payable on December 15, 2012 and December 15, 2013. Ignore interest charges. Rigsby has a December 31 year-end. In 2011, Rigsby would recognize the realized gross profit of

$500,000.

$0.

$900,000.

$100,000.

Question 3. Question :

(TCO 6) Present and future value tables of $1 at 3% are presented below:

Carol wants to invest money in a 6% CD account that compounds semiannually. Carol would like the account to have a balance of $50,000 5 years from now. How much must Carol deposit to accomplish her goal?

$35,069

$43,131

$37,205

$35,000

Comments:

Question 4. Question :

(TCO 6) Sondra deposits $2,000 in an IRA account on April 15, 2011. Assume the account will earn 3% annually. If she repeats this for the next 9 years, how much will she have on deposit on April 14, 2020?

$20,600

$20,928

$23,616

$24,715

Question 5. Question :

(TCO 6) Jose wants to cash in his winning lottery ticket. He can either receive five, $5,000 annual payments starting today, or he can receive a lump-sum payment now based on a 3% annual interest rate. What is the present value of the installments if he opts for the lump sum payment?

$22,899

$21,565

$23,000

DeVry ACCT 304 Week 5 Quiz Latest

(TCO 7) Cash may not include>foreign currency.

money orders.

restricted cash.

undeposited customer checks.

Question 2. Question :

(TCO 7) On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit term 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date?

Option a

Option b

Option c

Option d

Question 3. Question :

(TCO 7) Which of the following does not change the balance in accounts receivable?

Returns on credit sales

Collections from customers

Bad debts expense adjusting entry

Write-offs

Question 4. Question :

(TCO 7) Brockton Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end of July, the balance in the general ledger checking account was $2,750, and the bank balance on the bank statement was $2,980. Outstanding checks totaled $680, and deposits in transit were $400. The bank statement revealed that a check written for $120 was incorrectly recorded by Brockton as a $220 disbursement. The bank statement listed service charges and NSF check charges totaling $150. The corrected cash balance is

$2,270.

$2,550.

$2,470.

$2,700.

Question 5. Question :

(TCO 7) Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650, respectively, at December 31, 2010.During 2011, Calistoga’s credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in accounts receivable were written off. Calistoga’s adjusted allowance for uncollectible accounts at December 31, 2011 is

$1,575.

$1,505.

$1,650.

$1,720.

DeVry ACCT 304 Week 7 Quiz Latest

(TCO 8) In applying LCM, market cannot be>less than net realizable value minus a normal profit margin.

net realizable value less reasonable completion and disposal costs.

greater than net realizable value reduced by an allowance for normal profit margin.

less than cost.

Question 2. Question :

(TCO 8) Montana Co. has determined its year-end inventory on a FIFO basis to be $600,000. Information pertaining to that inventory is as follows:

What should be the carrying value of Montana’s inventory?

$600,000

$520,000

$590,000

$510,000

Question 3. Question :

(TCO 8) Howard’s Supply Co. suffered a fire loss on April 20, 2011. The company’s last physical inventory was taken on January 30, 2011, at which time the inventory totaled $220,000. Sales from January 30 to April 20 were $600,000, and purchases during that time were $450,000. Howard’s consistently reports a 30% gross profit. The estimated inventory loss is

$490,000.

$238,000.

$250,000.

None of the above

Question 4. Question :

(TCO 8) When computing the cost-to-retail percentage for the conventional retail method, included in the denominator are

net markups and net markdowns.

neither net markups nor net markdowns.

net markups, but not net markdowns.

net markdowns, but not net markups.

Question 5. Question :

(TCO 8) Retrospective treatment of prior years’ financial statements is required when there is a change from

average cost to FIFO.

FIFO to average cost.

LIFO to average cost.

All of the above

 

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DeVry ACCT 304 All Quizes Latest