Acc exam 2 2023 Study guides, Class notes & Summaries

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 (Supplies pu...

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....

If the contribution margin is not sufficient to cover fixed expenses: Multiple Choice A) total profit equals total expenses. B) contribution margin is negative. C) a loss occurs. D) variable expenses equal contribution margin. - ANSWER C. Which of the following is true regarding the contribution margin ratio of a company that produces only a single product? Multiple Choice A) As fixed expenses decrease, the contribution margin ratio increases. B) The contribution margin ratio multi...

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 city of Pine Cov...

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 (Suppli...

Florida 2-15 Insurance License Exam Solved 100% Correct 2023/2024 Accumulation units are converted into annuity units: -Ans: - at the time of annuity payout. A group life insurance plan in which the employer pays the entire premium is known as a ________________ plan. -Ans: - non-contributory If a disabled worker covered under Social Security disability benefits recovers and then is disabled again within five years, a new waiting period is required before benefits begin again. -Ans: - FAL...

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...

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...