Acct 504 Wk 4 Midterm Exam Answers Essay

994 WordsSep 29, 20154 Pages
ACCT 504 Wk 4 Midterm Exam Answers ACCT 504 Wk 4 Midterm Exam Answers 30 Multiple Choice 1. Question: (TCO A, B, C) Which of the following statements concerning users of accounting information is incorrect? 2. Question: (TCO C) Issuing shares of stock in exchange for cash is an example of a(n): 3. Question: (TCO C) Which activities involve putting the resources of the business into action to generate a profit? 4. Question: (TCO A) The cost of assets consumed or services used is also known as: 5. Question: (TCO C) Edwards Company recorded the following cash transactions for the year: 6. Question: (TCO A) On a classified balance sheet, prepaid insurance is classified as: 7. Question: (TCO A) An intangible asset: 8. Question: (TCO A) These are selected account balances on December 31, 2007. -Land (location of the corporation’s office building) $200,000 -Land (held for future use) 300,000 -Corporate Office Building 1,200,000 -Inventory 400,000 -Equipment 900,000 -Office Furniture 200,000 -Accumulated Depreciation 600,000 What is the total NET amount of property, plant, and equipment that will appear on the balance sheet? 9. Question: (TCO B) For 2010, Landford Corporation reported net income of $30,000; net sales $400,000; and average share outstanding 6,000. There were no preferred stock dividends. What was the 2010 earnings per share? 10. Question: (TCO B) Liondale Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year, they issued common stock totaling $141,000. There were no dividends issued. What was their net income for the year? 11. Question: (TCO D) On March 1, 2010, Dillon Company hires a new employee who will start the work on March 6. The employee will be paid on the last day of each month.

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