Acc 291 Exam

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ACC 291 FINAL EXAM University of Phoenix

1) Intangible assets are the rights and privileges that result from ownership of long-lived assets that A. must be generated internally B. are non-renewable natural resources C. do not have physical substance D. have been exchanged at a gain 2) Gains on an exchange of plant assets that has commercial substance are A. deducted from the cost of the new asset acquired B. deferred C. not possible D. recognized immediately 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? A. $15,000 B. $12,000 C. $18,000 D. $8,000

4) When an interest-bearing note matures, the balance in the Notes Payable account is A. less than the total amount repaid by the borrower B. the difference between the maturity value of the note and the face value of the note C. equal to the total amount repaid by the owner D. greater than the total amount repaid by the owner 5) Costs incurred to increase the operating efficiency or useful life of a plant asset are referred to as A. capital expenditures B. expense expenditures C. ordinary repairs D. revenue expenditures 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? A. Long-term debt, $300,000. B. Long-term debt, $225,000. C. Long-term debt, $150,000; Long-term debt due within one year, $75,000. D. Long-term debt, $225,000; Long-term debt due within one year, $75,000. 7) When the effective-interest method of bond discount amortization is used A. the applicable interest rate used to compute interest expense is the…...

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