Acc 557 week 7 chapter 9 & 10 quiz (3 sets) (updated one)
Week 7 Quiz: Chapters 09 & 10
|
Multiple Choice Question 74 |
|
|
All of the following factors in computing depreciation are estimates except
|
Multiple Choice Question 210 |
|
|
During 2013, Stein Corporation reported net sales of $3,500,000 and net income of $2,100,000. Stein also reported beginning total assets of $1,000,000 and ending total assets of $1,500,000. Stein’s asset turnover ratio is
|
Multiple Choice Question 174 |
|
|
In January of the current year, Allegro Co. purchased the Exbar Mine at a cost of $25,000,000. The mine was estimated to contain 1,000,000 tons of the ore have a residual value of $2,500,000 after mining operations are completed. During the year, 315,000 tons of ore were removed from the mine. At year-end, the book value of the mine is
|
Multiple Choice Question 66 |
|
|
Gagner Clinic purchases land for $150,000 cash. The clinic assumes $1,500 in property taxes due on the land. The title and attorney fees totaled $1,000. The clinic has the land graded for $2,200. What amount does Gagner Clinic record as the cost for the land?
|
Multiple Choice Question 139 |
|
|
Each of the following is used in computing revised annual depreciation for a change in estimate except
|
Multiple Choice Question 151 |
|
|
If a plant asset is sold before it is fully depreciated,
|
Multiple Choice Question 224 |
|
|
Depreciable cost is the
|
Multiple Choice Question 124 |
|
|
Each of the following is correct regarding bonds except they are
|
Multiple Choice Question 78 |
|
|
On October 1, Steve’s Carpet Service borrows $250,000 from First National Bank on a 3-month, $250,000, 8% note. The entry by Steve’s Carpet Service to record payment of the note and accrued interest on January 1 is
|
[removed] |
|
|
[removed] |
|
|
[removed] |
|
|
[removed] |
|
|
IFRS Multiple Choice Question 326 |
|
|
When current liabilities are presented under IFRS, they are generally shown
|
Multiple Choice Question 178 |
|
|
When bonds are converted into common stock,
|
Multiple Choice Question 130 |
|
|
Which of the following is not an advantage of issuing bonds instead of common stock?
|
Multiple Choice Question 173 |
|
|
A $600,000 bond was retired at 103 when the carrying value of the bond was $622,000. The entry to record the retirement would include a
|
[removed] |
loss on bond redemption of $12,000. |
|
[removed] |
loss on bond redemption of $18,000. |
|
Multiple Choice Question 73 |
|
|
Admire County Bank agrees to lend Givens Brick Company $300,000 on January 1. Givens Brick Company signs a $300,000, 8%, 9-month note. What is the adjusting entry required if Givens Brick Company prepares financial statements on June 30?
|
[removed] |
|
|
[removed] |
|
|
[removed] |
|
|
Multiple Choice Question 242 |
|
|
On the date of issue, Chudzick Corporation sells $5 million of 5-year bonds at 97. The entry to record the sale will include the following debits and credits:
|
Bonds Payable |
Discount on Bonds Payable |
|
[removed] |
|
