ACC291 (ACC 291)

Acc 291 Week 4 Quiz Practice Question 01 The stockholders of a corporation have unlimited liability. True False Practice Question 05 Which of the following is a disadvantage of the corporate business form? No income taxes Easy acquisition of capital Government regulation Continuous life Practice Question 10 If a corporation issues 1,000 shares of $3 par common stock for $7 a share, how much is the legal capital? $3,000 $4,000 ...

Acc 291 Week 3 Quiz Practice Question 01 The time period for classifying a liability as current is one year or the operating cycle, whichever is shorter. probable. possible. longer. Practice Question 05 Which one of the following is not a typical current liability? Interest payable Mortgages payable Current maturities of long-term debt Salaries payable Practice Question 10 Buttner Company borrows $88,500 on September 1, 2017, f...

Acc 291 Week 2 Quiz Practice Question 01 Correct! Improvements to land are structural additions made to land, such as driveways, parking lots, fences, landscaping, and sprinklers. Land improvements are depreciated to allocate the cost to periods that benefit from the land improvements. Land improvements are depreciable assets. True False Practice Question 05 Correct! Land is not a depreciable asset. Land improvements, equipment, and buildings are depr...

ACC291 /ACC291 Week 1 Quiz Practice Question 01 What type of receivable is evidenced by a formal instrument and normally requires the payment of interest? An account receivable A note receivable A trade receivable Past-due accounts receivables Practice Question 03 Corristan Company purchased equipment and incurred these costs: Cash price $24,000 Sales taxes 1,200 Insurance during transit 200 Annual maintenance costs ____400 Total costs $25,800 What...