acct504_final_exam_2.doc

Jun 14th, 2016
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acct504_final_exam_2.doc

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1. (TCO A) Which one of the following is an advantage of corporations relative to partnershipsand sole proprietorships? (Points : 5)Reduced legal liability for investorsHarder to transfer ownershipLower taxesMost common form of organization2. (TCO A) When a corporation distributes a dividend, _____. (Points : 5)the most common form of distribution is a cash dividendthe Dividends account will be increased with a creditthe Retained Earnings account will be directly increased with a debitthe Dividends account will be decreased with a debit3. (TCOs A, B) Below is a partial list of account balances for Cerner Company:Cash$5,000Prepaid insurance500Accounts receivable2,500Accounts payable2,000Notes payable3,000Common stock1,000Dividends500Revenues15,000Expenses12,500What did Cerner Company show as total credits? (Points : 5)$21,500$21,000$20,500$22,0004. (TCOs B, E) A small and private company may be able to justify using a cash basis ofaccounting if it has _____. (Points : 5)sales under $1,000,000no accountants on staffinsignificant receivables and payablesall sales and purchases on account5. (TCO D) Three companies report the same cost of goods available for sale, but each employsa different inventory costing method. If the price of goods has increased during the period, thenthe company using _____. (Points : 5)LIFO will have the highest ending inventoryFIFO will have the highest cost of goods soldAll three companies will have th

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