devry acct304 all weeks quizes latest 2015 all correct answers

quizesWeek 1(TCO 1) The SEC issues accounting standards in the form ofaccounting research bulletins.financial reporting releases.financial accounting standards.financial technical bulletins.Question 2. Question : (TCO 2) The conceptual framework’s qualitative characteristic of relevance includespredictive value.verifiability.completeness.neutrality.Question 3. Question : (TCO 3) Hughes Aircraft sold a four-passenger airplane for $380,000, receiving a $50,000 down payment and a 12% note for the balance. The journal entry to record this sale would include acredit to cash.debit to cash discount.debit to note receivable.credit to note receivable.Question 4. Question : (TCO 3) Cal Farms reported a supplies expense of $2,000,000 this year. The supplies account decreased by $200,000 during the year to an ending balance of $400,000. What was the cost of supplies Cal Farms purchased during the year?$1,600,000$1,800,000$2,200,000$2,400,000Question 5. Question : (TCO 3) The purpose of closing entries is to transferaccounts receivable to retained earnings when an account is fully paid.balances in temporary accounts to a permanent account.inventory to cost of goods sold when merchandise is sold.assets and liabilities when operations are discontinued.Week 2(TCO 4) Current assets include cash and all other assets expected to become cash or be consumedwithin one year.within one operating cycle.within one year or one operating cycle, whichever is shorter.within one year or one operating cycle, whichever is longer.Question 2. Question : (TCO 4) Rent collected in advance isan asset account in the balance sheet.a liability account in the balance sheet.a shareholders’ equity account in the balance sheet.a temporary account that is not in the balance sheet at all.Question 3. Question : (TCO 4) Janson Corporation Co.’s trial balance included the following account balances at December 31, 2011:What amount should be included in the long-term liability section of Janson’s December 31, 2011 balance sheet?$62,000$40,000$22,000$82,000Question 4. Question : (TCO 4) Which of the following would be disclosed in the summary of significant accounting policies disclosure note?Option AOption BOption COption DQuestion 5. Question : (TCO 4) Below is the partial balance sheet ($ in thousands) for Paisano Seafood Inc.The current ratio (rounded) is1.98.1.58.1.17.0.66.week 3(TCO 5) The difference between single-step and multiple-step income statements is primarily an issue ofconsistency.presentation.measurement.valuation.Question 2. Question :(TCO 5) On August 1, 2011, Rocket Retailers adopted a plan to discontinue its catalog sales division, which qualifies as a separate component of the business, according to GAAP, regarding discontinued operations. The disposal of the division was expected to be concluded by June 30, 2012. On January 31, 2012, Rocket’s fiscal year end, the following information relative to the discontinued division was accumulated:In its income statement for the year ended January 31, 2012, Rocket would report a before-tax loss on discontinued operations of$115,000.$195,000.$65,000.$125,000.Question 3. Question :(TCO 5) Changes in accounting estimates are reportedcurrently and prospectively.retroactively and currently.retroactively, currently, and prospectively.by restating prior years.Question 4. Question :(TCO 5) Which of the following is added to net income as an adjustment under the indirect method of preparing the statement of cash flows?Salaries payable decreaseGain on the sale of landLoss on the sale of equipmentAccounts receivable increaseQuestion 5. Question :(TCO 5) Review Rowdy’s Restaurants cash flow (in millions):Rowdy’s would report net cash inflows (outflows) from financing activities in the amount of$1,100.$(1,100).$820.$900.week 4(TCO 5) Bert’s Meat Market sells quarters and sides of beef on an installment basis. Losses on receivables are very difficult to predict, and meat products cannot be repossessed. The revenue recognition method used by Bert would bepoint of sale.installment sales.cost recovery.Both B and C are correct.Question 2. Question : (TCO 5) On December 15, 2011, Rigsby Sales Co. sold a tract of land that cost $3,600,000 for $4,500,000. Rigsby appropriately uses the installment sale method of accounting for this transaction. Terms called for a down payment of $500,000 with the balance in two equal, annual installments, payable on December 15, 2012 and December 15, 2013. Ignore interest charges. Rigsby has a December 31 year-end. In 2011, Rigsby would recognize the realized gross profit of$500,000.$0.$900,000.$100,000.Question 3. Question : (TCO 6) Present and future value tables of $1 at 3% are presented below:Today, Thomas deposited $100,000 in a 3-year, 12% CD that compounds quarterly. What is the maturity value of the CD?$109,270$119,410$142,576$309,090Question 4. Question : (TCO 6) Sondra deposits $2,000 in an IRA account on April 15, 2011. Assume the account will earn 3% annually. If she repeats this for the next 9 years, how much will she have on deposit on April 14, 2020?$20,600$20,928$23,616$24,715Question 5. Question : (TCO 6) Jose wants to cash in his winning lottery ticket. He can either receive five, $5,000 annual payments starting today, or he can receive a lump-sum payment now based on a 3% annual interest rate. What is the present value of the installments if he opts for the lump sum payment?$23,586$22,899$21,565$23,000quiz 5(TCO 7) Compensating balances representfunds in a bank account that cannot be spent.balances in a payroll checking account.accounts that are subject to bank service charges.accounts on which banks pay interest, such as NOW accounts.Question 2. Question :(TCO 7) On November 10 of the current year, Flores Mills sold carpet to a customer for $8,000 with credit term 2/10, n/30. Flores uses the gross method of accounting for cash discounts. What is the correct entry for Flores on November 17, assuming the correct payment was received on that date?Option aOption bOption cOption dQuestion 3. Question :(TCO 7) Which of the following is recorded by a credit to accounts receivable?Sale of inventory on accountEstimating the annual allowance for uncollectible accountsEstimating annual sales returnsWrite-off of bad debtsQuestion 4. Question :(TCO 7) Brockton Carpet Cleaning prepares a bank reconciliation at the end of every month. At the end of July, the balance in the general ledger checking account was $2,750, and the bank balance on the bank statement was $2,980. Outstanding checks totaled $680, and deposits in transit were $400. The bank statement revealed that a check written for $120 was incorrectly recorded by Brockton as a $220 disbursement. The bank statement listed service charges and NSF check charges totaling $150. The corrected cash balance is$2,270.$2,550.$2,470.$2,700.Question 5. Question :(TCO 7) Calistoga Produce estimates bad debt expense at ½% of credit sales. The company reported accounts receivable and allowance for uncollectible accounts of $471,000 and $1,650, respectively, at December 31, 2010. During 2011, Calistoga’s credit sales and collections were $315,000 and $319,000, respectively, and $1,720 in accounts receivable were written off. Calistoga’s adjusted allowance for uncollectible accounts at December 31, 2011 is$1,575.$1,505.$1,650.$1,720.week 7(TCO 8) Masterlink Co., in applying the lower of cost or market method, reports its inventory at net realizable value. Which of the following statements is ?Option aOption bOption cOption dQuestion 2. Question :(TCO 8) Data related to the inventories of Costco Medical Supply is presented below:In applying the LCM rule, the inventory of surgical supplies would be valued at$115.$90.$80.$69. ( )Question 3. Question :(TCO 8) So. California Inc., through no fault of its own, lost an entire plant due to an earthquake on May 1, 2011. In preparing its insurance claim on the inventory loss, it developed the following data: inventory January 1, 2011, $300,000; sales and purchases from January 1, 2011 to May 1, 2011, $1,300,000 and $875,000, respectively. So. California Inc. consistently reports a 40% gross profit. The estimated inventory on May 1, 2011 is$302,500.$360,000.$395,000.$455,000.Question 4. Question :(TCO 8) In calculating the cost-to-retail percentage for the retail method, the retail column will not includepurchases..homeworkminutes.com/question/view/100373/devry-acct304-quiz-7-latest-2015#”>purchase returns.abnormal shortages.freight-in.Question 5. Question :(TCO 8) Retrospective treatment of prior years’ financial statements is not required when there is a change fromaverage cost to FIFO.FIFO to LIFO.LIFO to average cost.All of the above