Applied Business Research
ACAMS Practice Questions
Accounting Cycle and Classifying Accounts
Accounting For Managers
Accounting for Merchandising Activities
Accounting for Pensions
Accounting Information Systems
Activity Based Costing
Adjusting Accounts for Financial Statements
Advanced Business Economics
Advertising and Public Relations
Advertising and Sales Promotion
An Overview of International Business
Analysis and Forecasting Techniques
Analyzing and Recording Transactions
Asset Demand and Supply under Uncertainty
Auditing and Attestation
Behavioral and Allied Sciences
Bonds and Long Term Notes Payable
Business Analytics & Technology Management Chapter 2
Business Analytics & Technology Management Chapter 3
Business Analytics & Technology Management Chapter 4
Business Analytics & Technology Management Chapter 5
Business Analytics & Technology Management Chapter 6
Business and Company Law
Business Ethics and Governance
Business Ethics Exam
Business Law Study guide
Business Organisations and Environment
Business organization and systems
Business Process Performance
California Real Estate
Capital Budgeting and Managerial Decisions
Changes in Accounting Principles
Changing Marketing Environment
Consolidated Financial Statements
Corporate and Business Law
Cost Accounting Final exam
Cost Accumulation Systems
Cost Allocation Techniques
Cost and Managerial Accounting
Cost of Capital
Cost Terms and Classifications
Cost Volume Profit Analysis
Currency Exchange Rates
Customer Relationships and Value
CVP Analysis and Marginal Analysis
Debt and Bankruptcy
Decision Makers Household Sector
Demand for Money
Derivative Instruments and Hedging Activities
Dividends, Shares, and Income
Elasticities of Demand and supply
Employee Training and Development
Environments of Business
Essence of Management
Ethical and Professional Standards
Ethics and Social Responsibility
Ethics for Management Accountants
External Financial Statements and Revenue Recognition
Federal Securities Acts
Financial and the Nonfinancial Sectors
Financial Decision Making
Financial Intermediaries and Financial Markets
Financial Markets and Securities Offerings
Financial Statements and Accounting Transactions
Flexible Budgets and Standard Costs
Florida Real Estate MCQs
Fraud Internal Control and Cash
Fundamental Accounting Principles
Global Marketing and World Trade
Governmental Accounting State and Local
Health and Life Comprehensive Exam
Health and Life Practice Questions
Human Resource Management
Human Resource Management HRM
Human Resource Planning
Importance of Business Economics
Insurance and Risk Management
Insurance License Texas Life and Health
Integrated Marketing Communications and Direct Marketing
Interactive Marketing and Electronic Commerce
Internal Auditing and Systems Controls
Internal Control and Cash
International Trade and Globalisation
Interpersonal and Organizational Communication
Introduction to Business
Introduction to Human Resource Management
Introduction to Human Resources Assessment
Investment Risk and Portfolio Management
Job Order Costing
Life and Health Insurance
Life Insurance Basics
Life Insurance Policies
Life Insurance Policy
Long Term Investment
Long Term Securities
Management and Cost Accounting
Managerial Accounting Concepts and Principles
Managing Organizational Change
Managing Production and Operations
Managing Products and Brands
Market Segmentation Targeting and Positioning
Marketing and Corporate Strategies
Marketing Channels and Wholesaling
Master Budgets and Planning
Mergers and Acquisitions
Money and Banking
National Health Insurance
Not For Profit Accounting
Organization and Operation of Corporations
Organizational Behavior Essentials
Organizational Markets and Buyer Behaviour
Organizational Structure and Design
Personal Selling and Sales Management
Principles and Practices of Management
Production and Operations Management
Profitability Analysis and Analytical Issues
Profitability Analysis and Decentralization
Property Plant and Equipment
Property Plant and Equipment Exam
Reporting and Analyzing Cash Flows
Reporting and Analyzing Long Lived Assets
Reporting and Analyzing Receivables
Responsibility Accounting and Performance Measures
Risk and Procedures for Control
Service Department Costing
Short Term Financing
Short Term Investment
Standard Costs and Variance Analysis
State Health Insurance
Statement of Cash Flow
Statement of Comprehensive Income
Statement of Financial Position
Stock Market and Stock Prices
Strategic Marketing Process
Structure of Interest Rates
Succession and Transfer Taxes
Supply Chain and Logistics Management
System Analysis and Design
Texas Real Estate
The Management Challenge
Total Quality Management
Understanding Exchange Rates
Understanding Interest Rates
Understanding Interest Rates Determinants
Value Added Tax
Property Plant and Equipment Exam
Property Plant and Equipment Exam MCQs
A characteristic of a plant asset is that it is
used in the operations of a business.
held for sale in the ordinary course of the business.
not currently used in the business but held for future use.
Which one of the following items is not a consideration when recording depreciation expense on plant assets?
Estimated useful life.
Cash needed to replace the plant asset.
The book value of an asset is equal to the
asset's fair value less its historical cost.
blue book value relied on by secondary markets.
replacement cost of the asset.
assetâ€™s cost less accumulated depreciation.
Recording depreciation each period is necessary in accordance with the
going concern principle.
historical cost principle.
expense recognition (matching) principle.
asset valuation principle
All the following are needed for the computation of depreciation except
training costs of manufacturing personnel.
estimated useful life.
Equipment with a cost of $320,000 has an estimated salvage value of $30,000 and an estimated life of 4 years or 12,000 hours. It is to be depreciated ...
Which of the following methods will result in the highest depreciation in the first year?
The double declining-balance method of depreciation produces a(n)
decreasing depreciation expense each period.
increasing depreciation expense each period.
declining percentage rate each period.
constant amount of depreciation expense each period.
A company purchased factory equipment on June 1, 2014, for $96,000. It is estimated that the equipment will have a $6,000 salvage value at the end of ...
A plant asset was purchased on January 1 for $75,000 with an estimated salvage value of $15,000 at the end of its useful life. The current year's...
Mitchell Corporation bought equipment on January 1, 2014. The equipment cost $180,000 and had an expected salvage value of $30,000. The life of the eq...
A gain or loss on disposal of a plant asset is determined by comparing the
replacement cost of the asset with the asset's original cost.
book value of the asset with the asset's original cost.
original cost of the asset with the proceeds received from its sale.
book value of the asset with the proceeds received from its sale.
Jack's Copy Shop bought equipment for $150,000 on January 1, 2013. Jack estimated the useful life to be 3 years with no salvage value, and the st...
An asset was purchased for $300,000. It had an estimated salvage value of $60,000 and an estimated useful life of 10 years. After 5 years of use, the ...
When an asset is sold, a gain occurs when the
sale price exceeds the book value of the asset sold.
sale price exceeds the original cost of the asset sold.
book value exceeds the sale price of the asset sold.
sale price exceeds the depreciable cost of the asset sold.
A company sells a plant asset that originally cost $225,000 for $75,000 on December 31, 2014. The accumulated depreciation account had a balance of $9...
$150,000 loss on disposal.
$60,000 gain on disposal.
$60,000 loss on disposal.
$37,500 loss on disposal.
Equipment that cost $54,000 and on which $30,000 of accumulated depreciation has been recorded was disposed of for $27,000 cash. The entry to record t...
gain of $3,000.
loss of $3,000.
credit to the Equipment account for $9,000.
credit to Accumulated Depreciation for $30,000.
If a plant asset is retired and is fully depreciated
a gain on disposal will be recorded.
phantom depreciation must be taken as though the asset were still on the books.
a loss on disposal will be recorded.
no gain or loss on disposal will be recorded.
On July 1, 2014, Dillman Kennels sells equipment for $66,000. The equipment originally cost $180,000, had an estimated 5-year life and an expected sal...
A loss on disposal of a plant asset is reported in the financial statements
in the Other Revenues and Gains section of the income statement.
in the Other Expenses and Losses section of the income statement.
as a direct increase to the capital account on the balance sheet.
as a direct decrease to the capital account on the balance sheet.
Sprague Associates sold office furniture for $32,000. The furniture had an original cost of $96,000 and accumulated depreciation of $48,000. Ignoring ...
net income will increase $32,000.
net income will increase $16,000.
net income will decrease $16,000.
net income will decrease $32,000.
Morton's Courier Service recorded a loss of $6,000 when it sold a van that originally cost $56,000 for $10,000. Accumulated depreciation on the v...
Which of the following is not considered an intangible asset?
An oil well.
Compute the total intangible assets on the balance sheet of Janssen Enterprises. Cash; $1,500,000 Accounts Receivable; 4,000,000 Trademarks; 1,000,...
A company purchased factory equipment for $350,000. It is estimated that the equipment will have a $35,000 salvage value at the end of its estimated 5...
On October 1, 2014, Hess Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life and $20,000 salvage v...
A machine with a cost of $480,000 has an estimated salvage value of $30,000 and an estimated useful life of 5 years or 15,000 hours. It is to be depre...
Foyle Company purchased a new van for floral deliveries on January 1, 2013. The van cost $48,000 with an estimated life of 5 years and $12,000 salvage...
All of the following statements are true regarding the double declining-balance method of depreciation except
the double declining-balance method ignores salvage value when calculating depreciation.
the double declining-balance method produces lower depreciation expense in the early years as opposed to the later years.
the double declining-balance method is compatible with the matching principle.
the double declining-balance method is appropriate when assets lose their usefulness rapidly.
The interest charged on a $250,000 note payable, at the rate of 6%, on a 90-day note would be
Moss County Bank agrees to lend the Sadowski Brick Company $300,000 on January 1. Sadowski Brick Company signs a $300,000, 6%, 9-month note. The entry...
Interest Expense 13,500 Cash 286,500 Notes Payable 300,000
Cash 300,000 Notes Payable 300,000
Cash 300,000 Interest Expense 13,500 Notes Payable 313,500
Cash 300,000 Interest Expense 13,500 Notes Payable 300,000 Interest Payable 13,500
Moss County Bank agrees to lend the Sadowski Brick Company $300,000 on January 1. Sadowski Brick Company signs a $300,000, 6%, 9-month note. What is t...
Interest Expense 9,000 Interest Payable 9,000
Interest Expense 9,000 Cash 9,000
Interest Payable 9,000 Cash 9,000
Interest Payable 9,000 Interest Expense 9,000
Moss County Bank agrees to lend the Sadowski Brick Company $300,000 on January 1. Sadowski Brick Company signs a $300,000, 6%, 9-month note. What entr...
Notes Payable 313,500 Cash 313,500
Notes Payable 300,000 Interest Payable 13,500 Cash 313,500
Interest Expense 13,500 Notes Payable 300,000 Cash 313,500
Interest Payable 9,000 Notes Payable 300,000 Interest Expense 4,500 Cash 313,500
West County Bank agrees to lend Drake Builders Company $200,000 on January 1. Drake Builders Company signs a $200,000, 6%, 6-month note. What is the a...
Interest Expense 6,000 Interest Payable 6,000
Interest Expense 6,000 Cash 6,000
Interest Expense 3,000 Interest Payable 3,000
Interest Payable 3,000 Interest Expense 3,000
A company receives $176, of which $16 is for sales tax. The journal entry to record the sale would include
debit to Sales Taxes Expense for $16.
credit to Sales Taxes Payable for $16.
debit to Sales Revenue for $176.
debit to Cash for $160.
A company receives $261, of which $21 is for sales tax. The journal entry to record the sale would include a
debit to Sales Taxes Expense for $21.
debit to Sales Taxes Payable for $21.
debit to Sales Revenue for $261.
debit to Cash for $261.
A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balanc...
On January 1, 2014, Ermler Company, a calendar-year company, issued $1,000,000 of notes payable, of which $250,000 is due on January 1 for each of the...
Current liabilities, $1,000,000.
Long-term debt, $1,000,000.
Current liabilities, $500,000; Long-term Debt, $500,000.
Current liabilities, $250,000; Long-term Debt, $750,000.
Morgan Company does not ring up sales taxes separately on the cash register. Total receipts for February amounted to $25,440. If the sales tax rate is...
It cannot be determined
A cash register tape shows cash sales of $6,000 and sales taxes of $300. The journal entry to record this information is
Cash 6,000 Sales Revenue 6,000
Cash 6,300 Sales Tax Revenue 300 Sales Revenue 6,000
Cash 6,000 Sales Tax Expense 300 Sales Revenue 6,300
Cash 6,300 Sales Revenue 6,000 Sales Taxes Payable 300
Don's Pharmacy has collected $600 in sales taxes during March. If sales taxes must be remitted to the state government monthly, what entry will D...
Sales Tax Expense 600 Cash 600
Sales Taxes Payable 600 Cash 600
Sales Tax Expense 600 Sales Taxes Payable 600
No entry required.
The following totals for the month of April were taken from the payroll records of Noll Company. Salaries $60,000 FICA taxes withheld 6,840 Income ...
debit to Salaries and Wages Expense for $60,000.
credit to Salaries and Wages Payable for $60,000.
debit to Salaries and Wages Payable for $60,000.
debit to Salaries and Wages Expense for $40,660.
The contractual interest rate on a bond is often referred to as the
the maturity rate.
Bonds with a face value of $300,000 and a quoted price of 102Â¼ have a selling price of
Bonds with a face value of $300,000 and a quoted price of 97Â¼ have a selling price of
If the market interest rate for a bond is higher than the stated interest rate, the bond will sell at
either a discount or premium.
If the market rate of interest is 10%, a $10,000, 12%, 10-year bond that pays interest annually would sell at an amount
less than face value.
equal to face value.
greater than face value.
that cannot be determined.
The price of a $10,000, 5-year bond, will be less than $10,000 if the
contractual rate of interest is less than the market rate of interest.
contractual rate of interest is greater than the market rate of interest.
bond is convertible.
contractual rate of interest is equal to the market rate of interest.
The price of a bond is a function of all of the following except the
dollar amounts to be received.
market interest rate.
type of bonds.
Selling the bonds at a premium has the effect of
causing the total cost of borrowing to be higher than the bond interest paid.
causing the total cost of borrowing to be lower than the bond interest paid.
raising the effective interest rate above the state interest rate.
increasing the amount of cash paid for interest each 6 months.
If bonds have been issued at a discount, then over the life of the bonds the
carrying value of the bonds will decrease.
carrying value of the bonds will increase.
interest expense will increase, if the discount is being amortized on a straight-line basis.
unamortized discount will increase.
When the effective-interest method of amortization is used for a bond premium, the amount of interest expense for an interest period is calculated mul...
face value of the bonds at the beginning of the period by the contractual interest rate.
face value of the bonds at the beginning of the period by the effective interest rate.
carrying value of the bonds at the beginning of the period by the contractual interest rate.
carrying value of the bonds at the beginning of the period by the effective interest rate.
The adjusted trial balance for Hamilton Corp. at the end of the current year, 2014, contained the following accounts. 5-year Bonds Payable 8% $1,200,...
The amortization of a bond premium will result in reporting an amount of interest expense for an interest period that
is less than the amount of interest payable.
exceeds the amount of interest payable.
equals the amount of cash to be paid for interest for the period.
has no predictable relationship with the amount of cash to be paid for interest for the period.
A corporation has the following account balances: Common Stock, $1 par value, $80,000; Paid-in Capital in Excess of Par Value, $2,700,000. Based on th...
legal capital is $2,780,000.
number of shares issued is 80,000.
number of shares outstanding is 2,780,000.
average price per share issued is $3.48.
If Norben Company issues 4,000 shares of $5 par value common stock for $140,000, the account
Common Stock will be credited for $140,000.
Additional Paid-in Capital will be credited for $20,000.
Additional Paid-in Capital will be credited for $120,000.
Cash will be debited for $120,000.
A corporation purchases 15,000 shares of its own common stock for $35 per share, recording it at cost. What will be the effect on total stockholders...
Increase by $525,000.
Decrease by $300,000.
Decrease by $525,000.
Decrease by $225,000.
Logan Corporation issues 50,000 shares of $50 par value preferred stock for cash at $60 per share. The entry to record the transaction will consist of...
Preferred Stock for $3,000,000.
Preferred Stock for $2,500,000 and Additional Paid-in Capitalâ€”Preferred Stock for $500,000.
Preferred Stock for $2,500,000 and Retained Earnings for $500,000.
Additional Paid-in Capitalâ€”Preferred Stock for $3,000,000.
Treasury Stock is a(n)
contra asset account.
retained earnings account.
contra stockholdersâ€™ equity account.
Outstanding stock of the West Corporation included 40,000 shares of $5 par common stock and 10,000 shares of 6%, $10 par non-cumulative preferred stoc...
None of these answer choices are correct.
Sizemore, Inc. has 10,000 shares of 5%, $100 par value, cumulative preferred stock and 100,000 shares of $1 par value common stock outstanding at Dece...
preferred stockholders will receive 1/10th of what the common stockholders will receive.
preferred stockholders will receive the entire $30,000.
$30,000 will be held as restricted retained earnings and paid out at some future date.
preferred stockholders will receive $15,000 and the common stockholders will receive $15,000.
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