DeVry ACCT504 Final exam-2014

Apr 2nd, 2015
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DeVry University
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Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? Reduced legal liability for investors.

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DeVry ACCT 504 Final exam - 2014 IF You Want To Purchase A+ Work Then Click The Link Below , Instant Download http://acehomework.com/ACCT-504-Final-Exam-Latest-2014-DeVry-1111117.htm?categoryId=-1If You Face Any Problem E- Mail Us At JohnMate1122@gmail.com1. Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? Reduced legal liability for investorsHarder to transfer ownershipLower taxesMost common form of organization2. Dividends _____.represent an expense and are an operating activityrepresent an obligation and are an operating activityrepresent a distribution of earnings and are a financing activity represent an asset and are an investing activity3. Below is a partial list of account balances for LBJ Company: Cash $15,000Prepaid insurance 5,000Accounts receivable 2,500Accounts payable 3,000Notes payable 6,000Common stock 10,000Dividends 500Revenues 15,000Expenses 13,000What did LBJ Company show as total debits?$34,000$36,000$70,000$31,0004. Under the accrual basis of accounting, revenues are recorded and reported _____. when companies receive payments for jobs performed or products provided when companies have provided products or performed serviceswhen companies receive payments prior to providing products or performing services when companies receive payments after providing products or performing services 5. In a period of increasing prices, which inventory cost flow assumption will

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