ACC 100 Final Exam Milestone Sophia course_ACC 100 Final Milestone with Answers.
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Course
Accounting
Institution
Accounting
You passed this Milestone
The value of a machine was $400,000 when purchased new one year ago. It
has an expected life of five years and the income statement shows the
straight line depreciation rate as 20%.
Using double declining balance depreciation, what is the value of the
machine at the e...
You passed this Milestone
1
The value of a machine was $400,000 when purchased new one year ago. It
has an expected life of five years and the income statement shows the
straight line depreciation rate as 20%.
Using double declining balance depreciation, what is the value of the
machine at the end of year two?
• $144,000
$160,000
• $96,000
$240,000
2
Using the information shown here, which of the following is the asset
turnover ratio?
• 0.43
0.86
• 0.56
• 0.51
3
Which of the following is Sue’s ending owner’s equity, in her
statement of changes in owner's equity, if her records show $21,000
in investment by owner, $78,000 in net income, $18,000 in expenses
and $14,000 in owner drawings?
• $96,000
• $53,000
• $57,000
• $85,000
4
Which of the following allowances for bad debt should the company
enter into their financials for an Accounts Receivable account with a
balance of $50,000 if the company estimates that 1.9% of
receivables will be uncollectible?
• $950.00
• $9,500.00
• $10,250.00
, • $1,025.00
5
What is the correct time of the month to make an adjusting entry?
• At the end of the month
• At the beginning of the month
• Whenever the accounts need to be brought into balance
• After preparing the balance sheet
6
A company's year-end financial statements lists the following figures.
Net income $49,500
Net sales $550,000
$1,050,00
Current assets 0
Current
liabilities $115,000
$2,200,00
Total assets 0
Based on this information, what is the company's rate of return on
sales?
• 25%
• 2.32%
• 9%
• 1.91%
7
Which of the following organizations might Daniel be interested in
joining if he recently passed his certified public accountancy exams?
• IRS
• AICPA
• FASB
• GAO
8
Which of the following is a violation of the Sarbanes-Oxley Act?
• Declaring bankruptcy
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