Acc 291 Week 5 Final Exam 5 Essay

3253 WordsJul 28, 201514 Pages
ACC 291 Week 5 Final Exam 5 to purchase Product Description ACC 291 Final Exam 1) Intangible assets are the rights and privileges that result from ownership of long-lived assets that 2) Gains on an exchange of plant assets that has commercial substance are 3) Using the percentage of receivables method for recording bad debts expense, estimated uncollectible accounts are $15,000. If the balance of the Allowance for Doubtful Accounts is $3,000 credit before adjustment, what is the amount of bad debts expense for that period? 4) When an interest-bearing note matures, the balance in the Notes Payable account is 5) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as 6) Hilton Company issued a four-year interest-bearing note payable for $300,000 on January 1, 2011. Each January the company is required to pay $75,000 on the note. How will this note be reported on the December 31, 2012 balance sheet? 7) When the effective-interest method of bond discount amortization is used 8) Capital stock to which the charter has assigned a value per share is called 9) Manner, Inc. has 5,000 shares of 5%, $100 par value, noncumulative preferred stock and 20,000 shares of $1 par value common stock outstanding at December 31, 2011. There were no dividends declared in 2010. The board of directors declares and pays a $45,000 dividend in 2011. What is the amount of dividends received by the common stockholders in 2011? 10) Two individuals at a retail store work the same cash register. You evaluate this situation as 11) The Sarbanes-Oxley Act imposed which new penalty for executives? 12) The Sarbanes-Oxley Act requires that all publicly traded companies maintain a system of internal controls. Internal controls can be defined as a plan to

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