Acct 2011 - Study guides, Class notes & Summaries

ACCT 2101 Final Exam Study Guide Solutions Chapters 1 - 12 ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receiva...

Certified Payroll Professional Exam 120 Questions with Verified Answers Form SS-8 - CORRECT ANSWER Determination of worker status for purpose of federal employment taxes and income tax withholding. Can be filled out by the business or worker. Form W-4 - CORRECT ANSWER Employees withholding allowance certificate. Documents the amount of federal tax withholding. Form SS-4 - CORRECT ANSWER Application for employer identification number. Form 8233 - CORRECT ANSWER Exemption from withhold...

Acct-304 -Final Exam Question 9. (TCO 5) The Claxton Company manufactures children's toys and also has a division that makes automobile parts. Due to a change in its strategic focus, the company sold the automobile parts division. The division qualifies as a component of the entity according to GAAP regarding the disposal of long-lived assets. How should Claxton report the sale in its 2011 income statement? (Points: 6) Report it as an extraordinary item. Report it as a discontinued ope...

Acct Exam 2 with solutions with correct answers 100% 2024 the revenue recognition principle dictates that revenue should be recognized in the accounting records - Correct Answer when it is earned a flower shop makes a large sale for $1,000 on November 30. The customer is sent a statement on Dec 5 and a check is received on Dec 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,000 considered to be earned? - Correct Answer November 30 under the...

ACCT 505 FEDERAL TAX FINAL EXAMTRUE-FALSE QUESTIONS—CHAPTER 10 1. Terry Trumbull purchased a tract of land. In order to have city water, he had to pay the water company $5,000 to extend the water line to his property. The $5,000 cost is an addition to the basis of the land. TRUE 2. When property that is subject to an existing debt is purchased, the basis of the property is the amount of cash paid initially plus the unpaid debt to which the property is subject. TRUE 3. The basis for ...

1. The appropriate discount rate for valuing any bond is the a. bond's coupon rate. b. bond's coupon rate adjusted for the expected inflation rate over the life of the bond. c. Treasury bill rate with an adjustment to include a risk premium if one exists. d. yield that could be earned on alternative investments with similar risk and maturity. ANS: D PTS: 1 2. The valuation of bonds is generally perceived to be ____ the valuation of equity securities. a. more difficult than b. easier th...

1. The price-earnings valuation method applies the ____ price-earnings ratio to ____ earnings per share in order to value the firm's stock. a. firm's; industry b. firm's; firm's c. average industry; industry d. average industry; firm's ANS: D PTS: 1 2. A firm is expected to generate earnings of $2.22 per share next year. The mean ratio of share price to expected earnings of competitors in the same industry is 15. Based on this information, the valuation of the firm's shares based ...

1. Which of the following statements is incorrect? a. A stock is a certificate representing partial ownership in a corporation. b. Like debt securities, common stock is issued by firms to obtain funds. c. Stocks are issued by corporations to raise short-term funds. d. The secondary stock market enables investors to sell stocks that they had previously purchased. ANS: C PTS: 1 2. Preferred shareholders a. typically have the same voting rights as common shareholders. b. do not share the o...

1. A ____ grants the owner the right to purchase a specified financial instrument for a specified price within a specified period of time. a. call option b. put option c. sale of a futures contract d. purchase of a futures contract ANS: A PTS: 1 2. A ____ requires a premium above and beyond the price to be paid for the financial instrument. a. futures contract b. call option c. put option d. B and C ANS: D PTS: 1 3. A call option is "in the money" when the a. market price of the ...