Final

In: Business and Management

Submitted By mike7132
Words 1678
Pages 7
Question 1.1. (TCO A) An advantage of the corporate form of business is _____. (Points : 5)

it is simple to establish

the corporate tax rate is less than the personal tax rate

corporations must pay dividends

the shareholders are not responsible for the corporation’s debts

Question 2.2. (TCO A) Dividends flow through which one of the following statements? (Points : 5)

The Balance Sheet

The Statement of Retained Earnings

The Income Statement

None of the above

Question 3.3. (TCOs A, B) Below is a partial list of account balances for LBJ Company:

Cash

$15,000

Prepaid insurance

1,000

Accounts receivable

3,500

Accounts payable

3,000

Notes payable

6,000

Common stock

100,000

Dividends

1,500

Revenues

75,000

Expenses

45,500

What did LBJ Company show as total credits? (Points : 5)

$185,500

$250,500

$66,000

$184,000

Question 4.4. (TCOs B, E) Which of the following statements is correct with regard to accrual accounting? (Points : 5)

Accrual accounting is consistent with the matching principle.

Accrual accounting is less complex than the cash-basis method.

Accrual accounting does not record expenses until paid.

Accrual accounting does not record revenue until payment is received.

Question 5.5. (TCO D) Which inventory method will result in the lowest income taxes when prices are decreasing? (Points : 5)

The average cost method

LIFO

FIFO

Income tax expense will be the same.

Question 6.6. (TCO A, E) Equipment was purchased for $27,000. Freight charges amounted to $1,000 and there was a cost of $5,000…...

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