Acc exam 2 2023 - Study guides, Class notes & Summaries

Which of the following is true regarding the use of special revenue funds? - ANSWER Special Revenue Funds may only be used when a substantial portion of the resources are provided by restricted or committed revenue sources. Regarding interfund transactions, which of the following is not correct? - ANSWER Interfund transactions must be repaid The journal entry to record the budget of a special revenue fund would include - ANSWER a debit to estimated revenue control The ...

_____ are defined as distributions of a company's earnings to its stockholders. a. Earnings before interest and taxes b. Surpluses c. Dividends d. Retained earnings - ANSWER C.) Jaden Inc. borrows $15,000 by signing a note payable with a bank. Which of the following is true about the effect of this transaction on Jaden's financial statements? a. There is no effect on the statement of cash flows. b. There is a change in stockholders' equity. c. There is no effect on the income statem...

Under revenue recognition principle service-type businesses recognize revenue: - ANSWER When the service is performed. A company purchased office supplies costing $4500 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $810 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: - ANSWER debit Supplies Expense, $3690; credit Supplies, $3690. $4500-$810=$3690 (Supp...

Biomedical Ethics Final Exam Review Questions & Answers 2023/2024 According to Carl Cohen, what are the two reasons usually given to criticize the use of animals in biomedical research? - ANSWER-1. violates the rights of animals 2. imposes avoidable suffering on sentient creatures What is a right (according to Cohen)? - ANSWER-a claim or potential claim that one party may exercise against another. Rooted in law, morality, or both In what specific way does Cohen understand human beings...

_____ are defined as distributions of a company's earnings to its stockholders. a. Earnings before interest and taxes b. Surpluses c. Dividends d. Retained earnings - ANSWER C.) Jaden Inc. borrows $15,000 by signing a note payable with a bank. Which of the following is true about the effect of this transaction on Jaden's financial statements? a. There is no effect on the statement of cash flows. b. There is a change in stockholders' equity. c. There is no effect on the income st...

ACC 4302 Exam 2 Questions and Answers With Rationale 2022/2023. T/F 1. In general, if a shareholder’s ownership interest is not diminished as a result of a stock redemption, the Code will treat the transaction as a sale or exchange. a. True b. False ANSWER: False RATIONALE: If a shareholder’s ownership interest is not diminished as a result of a stock redemption, the Code generally will treat the transaction as a dividend distribution. 2. A shareholder’s basis in property acquired...

BCACP REVIEW 2023 UPDATED EXAM QUESTIONS AND ANSWERS What is the cutoff for diagnosis of COPD? - ANSWER- FEV1/FVC < 0.7 What is the criteria for GOLD Stage 1? - ANSWER- FEV1 (predicted) >80 What is the criteria for GOLD Stage 2? - ANSWER- FEV1 (predicted) 50-80 What is the criteria for GOLD Stage 3? - ANSWER- FEV1 (predicted) 30-50 What is the criteria for GOLD Stage 4? - ANSWER- FEV1 (predicted) <30 What is used as classification of COPD Class A? (answer is mMRC/CAT/exacerb...

2023 NR 601 MIDTERM EXAM – NGN QUESTIONS WITH 100% VERIFIED ANSWERS (GRADED A) (CHAMBERLAIN COLLEGE OF NURSING) 1. The percentage of the FVC expired in one second is: a. FEV1/FVC ratio 2. The aging process causes what normal physiological changes in the heart? a. The heart valve thickens and becomes rigid, secondary to fibrosis and sclerosis. 3. A 55yo Caucasian male follows up after referral to cardiologist. He thinks his med is causing a cough and sometimes he has difficulty breath...

ACC 4302 Exam 2 Fall 2020 Answers 1 (Revised 2023) 100% Correct Answers. MC 1. Ula purchased stock in Purple, Inc., 6 years ago for $150,000. Purple has assets with a value of $225,000 ($175,000 basis) and liabilities of $60,000. Purple transfers $200,000 of assets and all of its liabilities to White Corporation in exchange for White common stock. Purple distributes the White stock and its $25,000 remaining asset (cash) to Ula in exchange for all of her Purple stock. Purple then liquidates....