ACCT-2010 Study guides, Class notes & Summaries

ACCT 551 exam docs new questions with answers graded A+ Question 1. Question : (TCO C) The cost of an intangible asset includes all of the following except Question 2. Question : (TCO C) When a patent is amortized, the credit is usually made to Question 3. Question : (TCO C) Negative goodwill arises when the of the net assets acquired is higher than the purchase price of the assets. excess earnings Instructor Explanation: Chapter 12 Questi...

Breanna Morrow Professor Hollies Mercy College- Accounting Program ACCT 341- Exam #1 Part I- True/False Questions (20 points). 1. The United States Federal government has a provision in the Constitution which precludes deficit spending. a. True b. False 2. Longer class lives for depreciable property and the required use of straight- line method of depreciation would likely dampen the tax incentive for purchasing capital assets. a. True b. False 3. The favorable treatment of resea...

Table of Contents About this Catalog ...........................................................................................................................................2 Welcome from the Dean of Graduate Studies....................................................................................................3 Calendars ........................................................................................................................................................4 Directions ...

ACCT 2101 Final Exam Study Guide Solutions Chapters 1 - 12 ACCT 2101 Final Exam Study Guide Chapters 1 – 12 Chapter 1 1. The liability created by a business when it purchases coffee beans and coffee cups on credit from suppliers is termed a(n) a. account payable. b. account receivable. c. revenue. d. expense. 2. The right to receive money in the future is called a(n) a. account payable. b. account receiva...

ACCT 201 Financial Analysis of Apple Inc Company’s Overview McCormick & Company, Incorporated is a global leader in flavor. With $4.3 billion in annual sales, the company manufactures, markets and distributes spices, seasoning mixes, condiments and other flavorful products to the entire food industry – retail outlets, food manufacturers and foodservice businesses. We operate in two business segments, consumer and industrial. Demand for flavor is growing globally, and across bo...

Chapter 5--Accounting Systems Student: ___________________________________________________________________________ 1. Businesses must implement controls to help guide the behavior of their employees toward business objectives. True False 2. The methods or procedures used to record and report financial data are called the accounting system. True False 3. Systems analysis is the final phase in the creation or revision of an accounting system. True False 4. Processing methods are ...

ACCT 551 Week 1 Quiz → Question: (TCO C) Which of the following should not be reported in the income statement? Question: (TCO C) Which of the following is often reported as an extraordinary item? Question: (TCO C) Alonzo Co. acquires three patents from Shaq Corp. for a total of $360,000. The patents were carried on Shaq’s books as follows: Patent AA, $5,000; Patent BB, $2,000; and Patent CC, $3,000. When Alonzo acquired the patents, their fair market values were: Patent AA, $20,000; Patent...

ACCT 553 Final Exam (TCO E) Zelda Zayer has been a widow for over 3 years and files a return as a single taxpayer. Items of income received by Zelda in 2011 were as follows. Interest on savings account with Bank of America: $50 Interest on state income tax refund: $25 Gambling winnings: $2,400 Dividends from mutual life insurance company on life insurance policy: $500 Dividends from Better Auto Co. received on January 2, 2011: $875 The total dividends received on the life insurance policy do not...

ACCT 212 WEEK 8 Final Exam (Latest Update) Graded A. Question: (TCO 3) Closing temporary accounts is necessary at the end of the accounting period. (1) Explain the closing process, include each set of entries required (15 points) and (2) provide an example of closing the Dividend account in the form of a journal entry. (10 points). (Points : 25) Question: (TCO 2) As required to complete Course Project 1, one must follow the cycle that includes 10 steps to complete the accounting cycle. (1) Expla...

ACCT 551 Final Exam (Version 2) Question: (TCO C) Redstone Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000to market the process that was patented. How should these costs be accounted for in the year they are incurred? Question: (TCO D) Total payroll of Watson Co. was $920,000, of which $160,000 represented amounts paid in excess of $100,000 to certain employees. The amount paid to employees in excess of $7,000……….payroll taxes. Questio...