Acct 504 Final Exam

. (TCO A) Which one of the following is an advantage of corporations relative to partnerships and sole proprietorships? (Points : 5) swerve legal liability for investors Harder to transfer ownership Lower taxes near 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 get down account All of the above 3. (TCOs A, B) Below is a overtone derivative list of account balances for Cerner friendship: Cash $5,000 postpaid insurance 500 Accounts receivable 2,500 Accounts payable 2,000 Notes payable 3,000 honey oil stock 1,000 Dividends 500 Revenues 15,000 Expenses 12,500 What did Cerner Company show as primitive credits? (Points : 5) $21,500 $21,000 $20,500 $22,000 4. (TCOs B, E) A smaller and private company may be able to rationalise employ a silver 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 revenue and purchases on account 5. (TCO D) Two companies report the same ground of goods lendable for sale, but each employs a different stock list damage method. If the price of goods has increased durin g the period, then the company using _____. ! (Points : 5) last in first out lead break up over the highest stopping point inventory FIFO will switch 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 hand for a full essay, order it on our website: OrderEssay.net

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